Selected information from Crane Ltd's statement of financial position and statement of income is as follows: Crane Ltd. Statement of Financial Position (partial) December 31 2024 2023 Current assets Accounts receivable $7,300 $12,000 Inventory 5,600 4,200 Prepaid expenses 3,000 2,300 Current liabilities Accounts payable $4,550 $2,200 Income tax payable 1,200 650 Property tax payable 2,300 1,250 Bank loan payable-current portion 6,000 9,800 Crane Ltd. Statement of Income Year Ended December 31 2074 Crane Ltd. Statement of Income Year Ended December 31, 2024 Sales $220,000 Cost of goods sold 112,000 Gross profit 108,000 Operating expenses 57,000 Income from operations 51,000 Interest expense 1,200 Income before income tax 49,800 Income tax expense Net income 3,800 $46,000 Additional information: 1. The bank loan was received in the past to finance the purchase of equipment. 2. Operating expenses included depreciation expense of $11,200 and a loss of $5,500 on the disposal of equipment. (a) Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) (a) Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign es-15,000 or in parenthesis eg. (15,000) CRANE LTD. Statement of Cash Flows (Partial) For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Disposal of Equipment Decrease in Accounts Receivable: Increase in Inventory Increase in Prepaid Expenses 11,200 5,500 46,000 SUPPORT Loss on Disposal of Equipment Decrease in Accounts Receivable Increase in Inventory Increase in Prepaid Expenses Increase in Accounts Payable Increase in Income Tax Payable Net Income Cash Flows from Operatine Activities 5,500