Problem 12-11A The comparative balance sheets for Crane Company as of December 31 are presented below. Crane Company Comparative Balance Sheets December 31 Assets 2022 2021 $ 36,000 $ 54,400 Cash 46,400 Accounts receivable 40,000 113,600 121,160 Inventory Inventar 12,224 16,800 Prepaid expenses 116,000 104,000 Land Buildings 160,000 160,000 (48,000 ) (32,000 ) Accumulated depreciation-buildings 180,000 124,000 Equipment Accumulated depreciation-equipment (36,000 ) (28,000 ) $599,784 $540,800 Total Liabilities and Stockholders' Equity $ 35,784 240,000 $ 28,800 240,000 Accounts payable Bonds payable 160,000 Common stock, $1 par 128,000 164,000 144,000 Retained earnings $599,784 $540,800 Total Additional information: 1. Operating expenses include depreciation expense of $33,600 ($16,000 of depreciation expense for buildings and $17,600 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $9,600 were paid. 4. Net income for 2017 was $29,600. 5. Equipment was purchased for $73,600 cash. In addition, equipment costing $7,600 with a book value of $8,000 was sold for $6,400 cash. 6. 32,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $32,000. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Crane Company Statement of Cash Flows Additional data 1. Depreciation expense was $31,500. 2. Dividends declared and paid were $36,000. 3. During the year equipment was sold for $15,300 cash. This equipment cost 532,400 originally and had accumulated depreciation of $17,100 at the time of sale. v (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bonita Industrles Statement of Cash Flows Adjustments to reconcile net income to 24