View Policies Current Attempt in Progress Crane Ltd. reported the following for the fiscal year 2021: CRANE LTD. Income Statement Year Ended September 30, 2021 Sales $583,000 Cost of goods sold 338,000 Gross profit 245,000 Operating expenses $ 109,000 Depreciation expense 34,000 Gain on sale of land (44,000) 99,000 Profit before income tax 146,000 Income tax expense 36,500 Profit $109,500 Additional information: 1. Accounts receivable decreased by $16,300 during the year. 2. Inventory increased by $7,800 during the year. 3. Prepaid expenses decreased by $5,800 during the year. 4. Accounts payable to suppliers increased by $11,300 during the year. 5. Accrued expenses payable increased by $5,300 during the year. 6. Income tax payable decreased by $7,100 during the year.