The following information is taken from the accounting records of Crane Corporation, a Canadian public company, for the year ended December 31, 2020.

Accounts receivable		$95,000
Retained earnings, January 1, 2020		273,500
Loss on operation of discontinued operations (before tax)		101,000
Sales revenue		1,232,500
Cost of goods sold		720,000
Selling expenses		125,500
Cash		65,500
Common shares (21,000 common shares outstanding)		210,000
Dividend revenue		17,600
Inventory		120,000
Unearned revenue		4,200
Land		350,000
Interest expense		20,000
Administrative expenses		162,000
Notes payable (maturity 2026)		200,000
Accounts payable		73,000
Gain on disposal of discontinued operations (before tax)		172,000
Depreciation expense		50,000
Loss on disposal of equipment (before tax)		11,000

Crane Corporation is subject to a 25% income tax rate.

Prepare a multiple-step income statement in good form for Crane Corporation (earnings per share information is not required).

Crane Corporation
Income Statement
                           

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		$

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Answer rating: 100% (QA)

Solution Crane Corporation Income Statement for the year ended 31 december 2020 S... View the full answer