The statement of income for Crane Ltd., a private company reporting under ASPE, is presented here: CRANE LTD. Statement of Income Year Ended November 30, 2021 Sales $8,000,000 Cost of goods sold 4,500,000 Gross profit 3,500,000 Operating expenses 2,070,000 Income from operations 1,430,000 Interest expense 100,000 Income before income tax 1,330,000 Income tax expense 370,000 Net income $960,000 1. 2. Additional information regarding 2021: Operating expenses include $73,000 of depreciation expense and a $107,000 impairment loss on property, plant, and equipment. Accounts receivable increased by $186,000. 3. Inventory decreased by $51,000. 4. Prepaid expenses related to operating expenses increased by $48,000. 5. Accounts payable to suppliers of inventory decreased by $180,000. 6. Rent payable related to operating expenses decreased by $90,000. 7. Interest payable decreased by $16,000. 8. Deferred revenue received from customers decreased by $15,000. 9. Income tax payable increased by $21,000.