EN$-$US

The comparative statement of financial position for Crane Retailers Ltd$.$ follows:

CRANERETAILERS LTD$.$

Statement of Financial Position

December $31$

Assets

$2021$

$2020$

Cash $ $0$ $ $20,000$

Accounts receivable $70,00047,000$

Inventory $217,000166,000$

Furniture $130,000162,000$

Accumulated depreciation $(34,000$

$)$

$(42,000$

$)$

Total assets $ $383,000$ $ $353,000$

Liabilities and Shareholders$$ Equity

Bank overdraft $ $6,000$ $ $0$

Accounts payable $62,00042,000$

Bank loan payable $($noncurrent$)95,000108,000$

Common shares $51,00061,000$

Retained earnings $169,000142,000$

Total liabilities and shareholders$$ equity $ $383,000$ $ $353,000$

Additional information regarding $2021$:

$1.$ Net income was $$32,000.$

$2.$ Depreciation expense was $$18,000.$

$3.$ During the year, the company did not receive any new bank loans.

$4.$ During the year, the company did not purchase furniture but did sell some furniture for $$8,000,$ which resulted in a gain on disposal of $$2,000.$

$5.$ 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.

$($a$)$

Prepare a statement of cash flows using the indirect method for $2021.($Show amounts that decrease cash flow with either a $-$ sign e$.$g$.-15,000$ or in parenthesis e$.$g$.(15,000).)$