The comparative balance sheets for Crane Company as of December 31 are presented below. Crane Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 54,400 Accounts receivable 40,000 Inventory 121,160 Prepaid expenses 12,224 Land 116,000 Buildings 160,000 Accumulated depreciation-buildings (48,000) Equipment 180,000 Accumulated depreciation-equipment (36,000) Total $599,784 2021 $36,000 46,400 113,600 16,800 104,000 160,000 (32,000) 124,000 (28,000) $540,800 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 35,784 240,000 160,000 164,000 $599,784 $ 28,800 240,000 128,000 144,000 $540,800 Additional information: 1. 2. 3. Operating expenses include depreciation expense of $33,600 ($16,000 of depreciation expense for buildings and $17,600 for equipment). Land was sold for cash at book value. Cash dividends of $9,600 were paid. Net income for 2022 was $29,600. Equipment was purchased for $73,600 cash. In addition, equipment costing $7,600 with a book value of $8,000 was sold for $6,400 cash. 32,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $32,000. 4. 5. 6. cash flow with either a - signes.-15,000 or in parenthesis eg. (15,000).) Crane Company Statement of Cash Flows Adjustments to reconcile net income to $ > S s