The statement of income and undanified statement of focal position for Crate for CRANE, INC Statement of Financial Position December 23 Assets 2021 2030 50.300 58.400 150.000 114.000 Tragment Accountancave 70.500 1990 Estimated more Pred f Acco $92.000 $72.200 10.700 6.400 1300 900 Liabilities and Shareholders' Equity Accounts payable Property tax payable Refund liability Bank loan payable-current portion Bank loan payable-concurrent portion Common shares Retained earnings Total liabilities and shareholders equity 38.000 92.650 32400 42.400 210.000 190.000 242.000 125.000 5678.400 5525550 CRANE. INC Statement of income Year Ended December 31, 2021 Sales $562.400 185.400 377.000 116.450 260:40 Cost of goods sold Gross profit Operating expenses Income from operation Other income and genes Uncated in trading investment Interest expense to come before income 516000 1114 271 Incol tax expense 2000 $22370 Noticon Sales $562400 185.400 377000 116.460 260 $40 Cost of goods sold Gross proht Operating expenses Income from operations Other income and expenses Unrealized gain on trading investments Interest expense Income before income tax Income tax expense $16.000 14.760 11.240 2 28.000 5223780 Net Income 5 Additional information 2021 1 3 Prepaid property taste Newsting used for 5221001400 Olen van original cost of $4.500.00 Acts payable to loro Some of the toward the A dividend payout Operation to Commons for 400w the ey were 7. LA with. 2.500 The statement of income and unclassified statement of financial position for Crane, Inc. follow: CRANE, INC. Statement of Financial Position December 31 Assets 2021 2020 Cash $98,400 $47,300 Trading investments 130,000 114,000 70,500 40,800 119.900 90.750 2,100 2,000 Accounts receivable Inventory Estimated inventory returns Prepaid expenses Equipment Accumulated depreciation 19,000 27,400 283,000 255,500 (46,500) (52,200) Total assets $676,400 $525,550 Liabilities and Shareholders' Equity Accounts payable $92,000 $72,200 Property tax payable 10,700 6,400 Refund liability 1,300 900 Bank loan payable-current portion 88,000 92,650 Bank loan payable-noncurrent portion 32,400 42,400 Common shares 210,000 190,000 Retained earnings 242,000 121,000 Total liabilities and shareholders' equity $676,400 $525,550 CRANE, INC. Statement of Income Year Ended December 31, 2021 Sales $562.400 CRANE, INC. Statement of Income Year Ended December 31, 2021 Sales $562,400 Cost of goods sold 185,400 Gross profit 377,000 Operating expenses 116,460 Income from operations 260,540 Other income and expenses Unrealized gain on trading investments $16,000 Interest expense (4.760) 11,240 Income before income tax 271,780 Income tax expense 48,000 Net income $223,780 Additional information regarding 2021: 1. 2. 3. 4. 5. Prepaid expenses and property tax payable relate to operating expenses. New equipment costing $84,000 was purchased for $22,600 cash and a $61,400 long-term bank loan payable. Old equipment having an original cost of $56,500 was sold for $1.900. Accounts payable relate to inventory suppliers. Some of the bank loan was repaid during the year. A dividend was paid during the year. Operating expenses include $46,300 of depreciation expense and a $2,600 loss on disposal of equipment. Common shares were issued for $43,000 cash during the year and some common shares were bought back and retire the cost they were originally issued at. 6. 7. 8. Prepare the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with ether a-sten es. -15,000 or in parenthesis es. (15,000)) CRANE, INC. Statement of Cash Flows Adjustments to reconcile net income to to search