Question 1 of 10 < > ./1 E CraneCompany runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow. Assets 2014 2013 Cash $66,780 $73,206 Accounts receivable 26,460 30,618 Inventory 38,808 36.792 Equipment 154,980 115.920 Accumulated depreciation 35,910 30,492 Total assets $251,118 $226,044 Liabilities and Equity Accounts payable $45,738 $41,580 Income taxes payable 13,860 10,080 Long-term notes payable 35,280 45,360 Common stock, $2 par 18,900 15,120 Paid-in capital in excess of par 47,880 39,060 Retained earnings 89.460 74,844 Total liabilities and equity $251,118 $226,044 Question 1 of 10. Income Statement for 2014 Sales revenue $425,124 Cost of goods sold 257,040 Depreciation expense 5,418 Other expenses 109,620 Income taxes 18,270 Net income $34,776 Additional Information on Year 2014 Transactions. 1. Purchased equipment by signing a long-term note for $10,080 and paying cash for the balance. 2. Paid cash as a payment on the long-term notes payable. 3. Issued 126 shares of common stock for cash. 4. Declared and paid cash dividends of $20.160. - Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a sign eg -15,000 or in parenthesis eg. (15,000)) CraneCompany Statement of Cash Flows Indirect Method Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000)) CraneCompany Statement of Cash Flows Indirect Method Adjustments to reconcile net income to 7 Question 1 of 10 3 A eTextbook and Media -/11 Assistance Used Attempts: 0 of 5 used Submit Answer