Question 10 of 10 -/8 = Crane Corporation experienced a fire on December 31, 2022, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2022 December 31, 2021 $ 26,000 $ 20,000 Cash 78,000 123,000 Accounts receivable (net) Inventory 194,000 185,000 52.500 88,500 31,500 64,500 Accounts payable Notes payable Common stock, $100 par Retained earnings 388,000 388,000 101,000 106,000 Additional information: 1. 2. 3. 4. 5. The inventory turnover is 2.2 times. The return on common stockholders equity is 29%. The company had no additional capital accounts. The accounts receivable turnover is 8.4 times. The return on assets is 12.5% Total assets at December 31, 2021, were $611,000. 4. 5 Compute the following for Crane Corporation (a) Cost of goods sold for 2022 $ (b) Net credit sales for 2022. 72F Clear co 8:46 PM 10/15/2021 10 88,500 Notes payable 31,500 64,500 Common stock, $100 par 388,000 388,000 Retained earnings 101,000 106,000 Additional information: 1. 2. 3. The inventory turnover is 2.2 times. The return on common stockholders' equity is 29%. The company had no additional capital accounts. The accounts receivable turnover is 8.4 times. The return on assets is 12.5%. Total assets at December 31, 2021, were $611,000. 4. 5. Compute the following for Crane Corporation (a) Cost of goods sold for 2022 (b) Net credit sales for 2022. $ (c) Net income for 2022 ) (d) Total assets at December 31, 2022 $