statement of income and unclassified statement of financial position for Crane Inc. follow:

Crane Inc.

Statement of Financial Position

December $31$

Assets

$2024$

$2023$

Cash

$$81,200$

$$47,800$

Accounts receivable

$82,400$

$37,600$

Inventory

$129,000$

$101,000$

Estimated inventory returns

$1,620$

$1,090$

Long$-$term investments

$95,500$

$106,000$

Equipment

$290,000$

$204,000$

Accumulated depreciation

$(50,300)$

$(40,000)$

Total assets

$$629,420$

$$457,490$

Liabilities and Shareholders' Equity

Accounts payable

$$62,300$

$$47,900$

Property tax payable

$11,400$

$18,400$

Refund liability

$930$

$690$

Bank loan payable$-$current portion

$125,000$

$59,700$

Bank loan payable$-$non$-$current portion

$14,100$

$9,800$

Common shares

$242,000$

$201,000$

Retained earnings

$173,690$

$120,000$

Total liabilities and shareholders' equity

$$629,420$

$$457,490$

Crane Inc.

Statement of Income

Year Ended December $31,2024$

Sales

Cost of goods sold

Gross profit

Operating expenses

Income from operations

Other income and expenses

Interest expense

Realized loss on sale of long$-$term investments

Income before income tax

Income tax expense

$$315,000$

$99,700$

$215,300$

$82,800$

$132,500$

$$13,000$

$5,100$

$18,100$

$114,400$

$27,500$

For the Year Ended December $31,2024$

Cash Flows from Operating Activities

Cash Receipts from Customers

Cash Payments

To Suppliers

For Other Operating Expenses

For Income Taxes ${}^{}$

Net Cash Provided by Operating Activities ${}^{}$

Cash Flows from Investing Activities

Purchase of Equipment

Proceeds from Disposal of Equipment

Proceeds from Sale of Long$-$term Investments hat$()$

Cash Flows from Financing Activities

Issue of Common Shares

$

Repurchase of Common Shares

Payment of Cash Dividends

Net Cash Provided by Financing Activities

Net Increase in Cash

Cash, January $1,2024$

Cash, December $31,2024$Additional information regarding $2024$:

Long$-$term investments were sold for $$5,400,$ resulting in a realized loss of $$5,100.$

New equipment costing $$142,000$ was purchased for $$72,400$ cash and a $$69,600$ bank loan payable.

Equipment costing $$56,000$ was sold for $$15,600,$ resulting in a gain of $$8,400.$

Accounts payable relate to merchandise suppliers; property tax payable relates to operating expenses.

A dividend was paid during the year.

Operating expenses include $$59,100$ of depreciation expense and an $$8,400$ gain on disposal of equipment.

The company issued common shares for $$60,000$ cash and bought back and retired some other common shares

at the cost they were originally issued at$.$

$($a$)$ Prepare the statement of cash flows using the direct method. $($Show amounts that decrease cash flow with

either $a-$ sign e$.$g$.-15,000$ or in parenthesis e$.$g$.(15,000).)$

CRANE INC.

Statement of Cash Flows

For the Year Ended December $31,2024$

ash Flows from Operating Activities

ash Receipts from Customers

ih Payments

SuppliersCash Payments

To SuppliersFor the Year Ended December $31,2024$

Cash Flows from Operating Activities

Cash Receipts from Customers

Cash Payments

To Suppliers

For Other Operating Expenses

For Income Taxes ${}^{}$

Net Cash Provided by Operating Activities ${}^{}$

Cash Flows from Investing Activities

Purchase of Equipment

Proceeds from Disposal of Equipment

Proceeds from Sale of Long$-$term Investments hat$()$

Cash Flows from Financing Activities

Issue of Common Shares

$

Repurchase of Common Shares

Payment of Cash Dividends

Net Cash Provided by Financing Activities

Net Increase in Cash

Cash, January $1,2024$

Cash, December $31,2024$Sales

Cost of goods sold

Gross profit

Operating expenses

Income from operations

Other income and expenses

Interest expense

Realized loss on sale of long$-$term investments

Income before income tax

Income tax expense

Net income

$$315,000$

$99,700$

$215,300$

$82,800$

$132,500$

$$13,000$

$5,100$

$18,100$

$114,400$

$27,500$

$$86,900$

Additional information regarding $2024$:

$1.$ Long$-$term investments were sold for $$5,400,$ resulting in a realized loss of $$5,100.$

$2.$ New equipment costing $$142,000$ was purchased for $$72,400$ cash and a $$69,600$ bank loan payable.

$3.$ Equipment costing $$56,000$ was sold for $$15,600,$ resulting in a gain of $$8,400.$

$4.$ Accounts payable relate to merchandise suppliers; property tax payable relates to operating expenses.

$5.$ A dividend was paid during the year.

$6.$ Operating expenses include $$59,100$ of depreciation expense and an $$8,400$ gain on disposal of equipment.

$7.$ The company issued common shares for $$60,000$ cash and