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The following information is provided for Crane Chocolate Corp., which reports under ASPE: CRANE CHOCOLATE CORP. Balance Sheet May 3 1 Assets 2 0 2

The following information is provided for Crane Chocolate Corp., which reports under ASPE: CRANE CHOCOLATE CORP. Balance Sheet May 31 Assets 20242023 Cash $24,970 $37,105 Accounts receivable 70,97063,345 Inventory 145,960129,765 Prepaid expenses 4,3455,575 Land 105,00063,000 Equipment 257,000158,000 Accumulated depreciation-equipment (58,385)(31,365) Total assets $549,860 $425,425 Liabilities and Shareholders' Equity Accounts payable $34,400 $31,365 Dividends payable 5,5754,345 Income tax payable 2,0505,165Mortgage payable 102,50064,165 Common shares 176,700134,700 Retained earnings 228,635185,685 Total liabilities and shareholders' equity $549,860 $425,425 Additional information: 1. Profit for 2024 was $93,270.2. Common shares were issued for $42,000.3. Land with a cost of $42,000 was sold at a loss of $15,825. Purchased land with a cost of $84,000 with a $45,665 down payment and financed the remainder with a mortgage note 4. payable. 5. No equipment was sold during 2024.6. Net sales for the year were $552,400.7. Cost of goods sold for the year was $327,800.8. Operating costs, including depreciation expense, were $80,100.9. Interest expense was $4,345.10. Income tax expense was $31,060.11. Accounts payable is used for merchandise purchases. Prepare a cash flow statement for the year using the direct method.

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