(Learning Objective 4: Using the cost-of-goods-sold model) Supply the missing income statement amounts for each of the following companies:

❙ Requirement 1. Prepare the income statement for Crane Company, for the year ended December 31. Use the cost-of-goods-sold model to compute cost of goods sold. Crane’s operating and other expenses, as adapted, for the year were $41,000. Ignore income tax.