Current Attempt in Progress The comparative statement of financial position for Crane Retailers Ltd. follows: CRANERETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash 19,000 Accounts receivable 75,000 47,000 Inventory 221,000 171,000 Furniture 131,000 163,000 Accumulated depreciation Total assets (35,000) (47,000) $ 392,000 $ 353,000 Liabilities and Shareholders' Equity Bank overdraft 15,000 $ 0 Accounts payable 67,000 46,000 Bank loan payable (noncurrent) 93,000 105,000 Common shares 51,000 61,000 Retained earnings 166,000 141,000 Total liabilities and shareholders' equity $ 392,000 $ 353,000 Additional information regarding 2021: 1. Net income was $30,000 2. Depreciation expense was $16,000. 4 5. During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $8,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. 6 During the year, the company paid all dividends declared. fal Question 5 of 10 15.000 or in parentheses (15,000) CRANE RETAILERS LTD. Statement of Cash Flows Adjustments to reconcile net income to v v > V v -12 E E eter a total amouet for section three Attempts 0 of 1 used Shit Amer