Exercise 17-24 (Algorithmic) (LO. 2) Crane and Loon corporations, two unrelated C corporations, have the following transactions for the current year. Crane Loon $477,600 Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) $298,500 417,900 179,100 501,480 358,200 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 17.2 Dividends Received Deduction Percentage of Ownership by Corporate Shareholder Deduction Percentage Less than 2096 20% or more (but less than 80%) 80% or more 5096 65% 100% "The payor corporation must be a member of an affiliated group with the recipient corporation