Shown below is an income statement for 2025 that was prepared by a poorly trained bookkeeper of Crane Corporation.
Crane Corporation
INCOME STATEMENT
December 31, 2025
Sales revenue
$821,000
Investment revenue
18,900
Cost of goods sold
(406,500)
Selling expenses
(144,500)
Administrative expenses
(192,300)
Interest expense
(13,000)
Income before special items
83,600
Special items
Loss on disposal of a component of the business
(42,900)
Net federal income tax liability
(8,140)
Net income
$32,560
Prepare a multiple-step income statement for 2025 for Crane Corporation according to generally accepted accounting principles
(including format and terminology). Crane Corporation has 50,000 shares of common stock outstanding and has a 20% federal income
tax. (List Other revenues before Other expenses. Round per share values to 2 decimal places, e.g. $2.50.)
CRANE CORPORATION
INCON