Show Attempt History Current Attempt in Progress A comparative balance sheet for Crane Corporation is presented as follows December 31 Assets 2020 2019 Cash $72.870 $22,000 Accounts receivable 83.730 67.860 Inventory 181.730 190.860 Land 72.730 111.860 Equipment 261730 201.860 Accumulated Depreciation Equipment (70.730) (43,860) $602.060 Total $550,580 Liabilities and Stockholders' Equity $35.730 Accounts payable $48.860 150,000 200,000 Bonds payable Common stock ($3 par)- 214,000 164000 202.330 137.220 Retained earnings $530580 Yotal 4 Question 4 of 4 Total $602,060 $550,580 Additional information: Net income for 2020 was $128.460. No gains or losses were recorded in 2020. 1. 2. Cash dividends of $63,850 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock (a) Your Answer Correct Answer 2.8/4 !!! CRANE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities. Depreciation expense Increase in Accounts Receivable 26870 -15870 Decrease in Inventory Decrease in Accounts Payable Net Cash Provided by Operating Activities v 9130 13130 128460 7000 135460 Cash Flows from Investing Activities Sale of Land 391301 Purchase of Equipment -59870 Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Netice Cash Cash at ginning of Year Cash at End of Year Noah and Financing Ames d common stock to retire S 5000 f bonds outstanding 20740 63850 50870 22000 72870 (b) Your answer is partially correct. Determine Crane Corporation's current cash debt coverage, cash debt coverage, and free cash flow. (Round current cash debt coverage and cash debt coverage to 2 decimal places, eg 0.67) Current cash debt coverage Cash debt coverage Free cash flow $ Comment on its liquidity and financial flexibility. Crane has ecent liquidity. Its financial flexibility is good eTextbook and Media Attempts: 2 of Sused Sue Awar