View Policies Current Attempt in Progress The comparative statement of financial position for Crane Retailers Ltd. follows: CRANE RETAILERS LTD. Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Furniture Accumulated depreciation Total assets 2018 $ 15,000 51,000 172,000 161,000 (40,000) $ 359,000 2017 $ 10,000 40,000 143,000 78,000 (20,000) $ 251,000 Liabilities and Shareholders' Equity Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $ 51,000 100,000 63.000 145,000 $ 359,000 $ 40,000 72,000 58,000 81,000 $ 251,000 Additional information: 1. 2. 3. Net income was $64,000 in 2018. Depreciation expense was $20,000 in 2018. Payments made to the bank pertaining to the bank loan were $10,000 in 2018. Some new loans were obtained that year. Common shares were issued in 2018 and no shares have been bought back by the company. In 2018, no furniture was sold. 4. 5. Prepare a statement of cash flows using the indirect method for 2018. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE RETAILERS LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to Net cash provided by operating activities $ Net cash provided by operating activities | $ 4 $ 4