Presented here are the financial statements of Crane Company. CRANE COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $36,900 $19,500 Accounts receivable 32.100 18,600 30,000 20,300 Inventory Property, plant, and equipment Accumulated depreciation 59,600 78,000 (29,600) (23,200) Total $129,000 $113,200 Liabilities and Stockholders' Equity Accounts payable $28,200 $ 16,500 Income taxes payable 7,100 8,500 26,700 32,400 Bonds payable Common stock 17.500 13,800 Retained earnings 49,500 42.000 Total $129,000 $113,200 CRANE COMPANY Income Statement For the Year Ended December 31, 2022 Sales revenue $241,300 Cost of goods sold 176,400 Gross profit 64.900 Selling expenses $18,375 Administrative expenses 6,125 24,500 40,400 Income from operations Interest expense Income before income taxes 3,800 36,600 Income tax expense 7,320 Net income $29,280 Additional data: 1. Depreciation expense was $16,000. 2. 3. Dividends declared and paid were $21,780. During the year, equipment was sold for $8,800 cash. This equipment originally cost $18,400 and had accumulated depreciation of $9,600 at the time of sale. Bonds were redeemed at their carrying value. Common stock was issued at par for cash. 4. 5. Further analysis reveals the following. 1. 2. Accounts payable pertain to merchandise suppliers. All operating expenses except for depreciation were paid in cash. All depreciation expense is in the selling expense category. All sales and inventory purchases are on account. 3. 4. Prepare a statement of cash flows for Crane Company using the direct method. (Show amounts that decrease cash flow with ei sign e.g.-15,000 or in parenthesis e.g. (15,000).) CRANE COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Cash Receipts from Customers $ $ 222700 Less cash payments: To Suppliers > 178200 For Operating Expenses > 24500 For Income Taxes > 8720 i For Interest 3800 > TIDO DIO > > > > > >