please help with part b

part a is already correct and is shown for further information

Presented below is information related to Crane Corp. for the year 2020. Net sales $1,040,000 624,000 52,000 Cost of goods sold Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss $64,000 44,000 Selling expenses 40,000 Administrative expenses 38,400 Cash dividends declared 36,000 Dividend revenue 16,000 Retained earnings at December 31, 2019 784,000 Interest revenue 5,600 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 60,800 shares of common stock are outstanding for the entire yea earnings per share to 2 decimal places, eg. 1.49.) CRANE CORP. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales 1040000 Cost of Goods Sold 624000 i Gross Profit/(Loss) 416000 Operating Expenses Selling Expenses 52000 1 Administrative Expenses 38400 i Total Operating Expenses 90400 i Income From Operations 325600 Other Revenues and Gains Dividend Revenue 16000 Interest Revenue 5600 21600 347200 Other Expenses and Losses Casualty Loss 40000 Write-off of Inventory Due to Obsolescence 64000 i 104000 Income Before Income Tax 243200 Income Tax Expense 48640 i Net Income /(Loss) 194560 Earnings Per Common Share CRANE CORP. Retained Earnings Statement e Textbook and Media List of Accounts