please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Crane Corporation began operations on January 1, 2022, During its first 3 vears of operations, Crane reported net income and declared dividends as follows. Net income Dividends declared 2022 $32,000 $-0- 2023 100,000 40,000 2024 128,000 40,000 The following information relates to 2025. Income before income tax Prior period adjustment: understatement of 2023 depreciation expense (before taxes) Dividends declared (of this amount, $20,000 will be paid on Jan. 15, 2026) Effective tax rate (a) $192,000 20,000 80,000 20% Prepare a 2025 retained earnings statement for Crane Corporation. {List items that increase adjusted retained earnings first.) CRANE CORPORATION Retained Earnings Statement Prepare a 2025 retained earnings statement for Crane Corporation. {List items that increase adjusted retained earnings first.) CRANE CORPORATION Retained Earnings Statement