The comparative statement of financial position for Crane Retailers Ltd. follows: CRANE RETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 25,000 $ 10,000 Accounts receivable 50,000 42,000 Inventory 167,000 138,000 Furniture 169,000 85,000 Accumulated depreciation (46,000) (23,000) Furniture Accumulated depreciation Total assets 169.000 85,000 (46,000) (23,000) $ 365,000 $ 252,000 Liabilities and Shareholders' Equity Accounts payable $ 49,000 37,000 Bank loan payable (current portion) 20,000 15,000 Bank loan payable (noncurrent portion) 80,000 56,000 Common shares 63,000 58,000 Retained earnings 153,000 86,000 Total liabilities and shareholders' equity $365,000 $ 252,000 Additional information regarding 2021: Additional information regarding 2021: 1. Net income was $67,000. 2. 3. 4. Depreciation expense was $23,000. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. Common shares were issued during the year and the company did not buy back any shares. 5. During the year, the company did not sell any furniture. (a) Prepare a statement of cash flows using the indirect method for 2021. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis eg. (15,000)) CRANE RETAILERS LTD. Statement of Cash Flows Cash flows from operating activities Year Ended December 31,2021 Net income Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense Decrease in bank loans Increase in accounts receivable Increase in inventory $ 23000 5000 8000 29000 67000 Net cash provided by operating activities Cash flows from investing activities Purchase of furniture Net cash provided by investing activities Cash flows from financing activities Repayment of bank loan Depreciation expense 84000 24000 Issue of common shares 5000 70000 14000 Depreciation expense Issue of common shares Net cash provided by financing activities Net increase in cash Cash, January 1 Cash, December 31 eTextbook and Media Save for Later 5000 29000 15000 10000 $ 25000 Attempts: 5 of 15 used Submit