Exercise 12-7 (Algorithmic) (LO. 7) Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) Crane Loon $208,500 $333,600 291,900 350,280 125,100 250,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends received deduction for Loon Corporation. EXHIBIT 12.4 Dividends Received Deduction Percentage of Ownership by Corporate Shareholder Less than 20% 20% or more (but less than 80%) 80% or more* Deduction Percentage 50% 65% 100% *The payor corporation must be a member of an affiliated group with the recipient corporation