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 2$ 10,000 Accounts receivable 50,000 42,000 Inventory 167,000 138,000 Furniture 169,000 85,000 Accumulated depreciation (46,000 ) (23,000 ) Total assets $ 365,000 $ 252,000 Liabilities and Shareholders' Equity Accounts payable 2$ 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: 1. Net income was $67,000. 2. Depreciation expense was $23,000. 3. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. 4. 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 e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities Net income $ 67000 Adjustments to reconcile net income to Net cash provided by operating activities Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense $ 23000 Increase in accounts receivable 8000 Increase in inventory 29000 $ $ $ $ $ eTextbook and Media Assistance Used