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The comparative unclassified statement of financial position for Crane Ltd. follows: Additional information pertaining to 2021 : 1. Net income was $106,100. 2. Sales were

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The comparative unclassified statement of financial position for Crane Ltd. follows: Additional information pertaining to 2021 : 1. Net income was $106,100. 2. Sales were $980,000. 3. Cost of goods sold was $751,000. 4. Operating expenses were $49,000, exclusive of depreciation expense. 5. Depreciation expense was $37,000. 6. Interest expense was $13,000. 7. Income tax expense was $29,000. 8. Long-term investments were sold at a gain of $5,100. Additional information pertaining to 2021 : 1. Net income was $106,100. 2. Sales were $980,000. 3. Cost of goods sold was $751,000. 4. Operating expenses were $49,000, exclusive of depreciation expense. 5. Depreciation expense was $37,000. 6. Interest expense was $13,000. 7. Income tax expense was $29,000. 8. Long-term investments were sold at a gain of $5,100. 9. No equipment was sold during the year. 10. $79,500 of the bank loan was repaid during the year. 11. Common shares were issued for $40,000. CRANE LTD. Statement of Cash Flows-Direct Method Year Ended December 31, 2021 Cash flows from operating activities Cash receipts from customers Cash payments To suppliers $ For income tax For interest For operating expenses Net cash provided by operating activities Cash flows from investing activities Cash flows from investing activities Proceeds from sale of long-term invstments Purchase of equipment Net cash used by investing activities Cash flows from financing activities Repayment of bank loan \begin{tabular}{|c|} \hline79500 \\ \hline \end{tabular} Issue of common shares Payment of cash dividends 40000 Net cash used by financing activities Net increase in cash Cash, January 1 Purchase of equipment Net cash used by investing activities Cash flows from financing activities Repayment of bank loan \begin{tabular}{|r|} \hline79500 \\ \hline \end{tabular} Issue of common shares \begin{tabular}{|l|} \hline 40000 \\ \hline \end{tabular} Payment of cash dividends Net cash used by financing activities \begin{tabular}{|l|l|} \hline & 62600 \\ \hline \end{tabular} Net increase in cash Cash, January 1 Cash, December 31

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