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Question 2 Crane Ltd., which follows ASPE, had the following comparative Statement of Financial Position: Crane Ltd. Comparative Statement of Financial Position March 3 l Assets 2021 2020 Cash $ 12,920 $ 9,120 Accounts receivable 45,600 30,400 Inventory 63,840 53,200 Prepaid expenses 4,560 3,040 Property, plant, and equipment 190,000 159,600 Accumulated depreciation (45,600 ) (36,480 ) Total assets $ 271,320 $ 218,880 Liabilities and Shareholders' Equity Accounts payable $ 26,600 $ 30,400 Interest payable 2,280 3,040 Income taxes payable 16,720 9,120 Bonds payable 68,400 48,640 Common shares 72,200 60,800 Retained earnings 85,120 66,880 Total liabilities and shareholders' equity $ 271,320 $ 218,880 Additional information: 1, Net income for the scal year was $28,880, 2. Equipment with an original cost of $22,800 was sold for $9,120 cash during 2021. The equipment was depreciated $9,120. This disposal resulted in a $4,560 loss. Prepare the statement of cash ows using the indirect format. (Show am aunts that decrease cash ow with either a - sign e.g. 45,000 or in parenthesis e.g. (15,000).) Crane Ltd. Statement of Cash Flows Adjustments to reconcile net income to net cash provided by operating activities: W] Mi Mi] mm W m m W i W 69