12) Question 8 of 8 -/1 View Policies Current Attempt in Progress The following information was taken from the records of Crane Inc. for the year 2020: Income tax applicable to income from continuing operations $149.600; Income tax applicable to loss on discontinued operations $20,400, and unrealized holding gain on available for sale securities (net of tax) $12,000. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write down of inventory $76,000 60,000 192,000 32,000 48.000 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $120,000 480,000 680,000 240,000 1,520,000 Shares outstanding during 2020 were 100,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, es. 1.48.) CRANE INC Income Statement For the Year Ended December 31, 2020 . | Revenues Sales Revenue 1520000 Rent Revenue 1552000 Total Revenue MacBook Air >> BOB 30 .. 13 F3 $ %23 3 % 5 & 7 6 8 9 8 2 E R. T 14 YU uestion 8 of 8 > CRANE INC. Income Statement For the Year Ended December 31, 2020 . Revenues Sales Revenue $ 1520000 Rent Revenue 32000 $ Total Revenues 1552000 Expenses 680000 Cost of Goods Sold 200000 Selling Expenses 192000 Administrative Expenses 1112000 Total Expenses 40000 Net Income / Loss Income from Operations 149600 Income Tax 7000 Revue and Gains Gain on sale of teen come from Coming Operatore con MacBook 5 888 80. 0 9 & 7 8 % 5 $ 4 323 3 6 o Y U 70 T W E K HJ Question 8 of 8 Total Expenses 1112000 Net Income / Loss 440000 Income from Operations Income Tax 149600 Other Revenues and Gains Gain on Sale of Equipment 76000 Income From Continuing Operations Before Income Tax Income Tax + MacBook A 90 888 A w $ 4 - % 5 3 & 7 6 8 9 E R T T Y U Question 8 of 8 * 2 # 3 $ 4 % 5 & 7 6 8 9 W E R T Y U o e Textbook and Media List of Accounts Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.) CRANE INC. Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 $ 480000 Add : Net Income/(Loss) Less : Dividends Declared 120000 Retained Earnings. December 31 eTextbook and Media List of Accounts Attempts: 0 of 3 used Sub Save for Later Last saved 29 minutes ago Saved work will be auto-submitted on the due date MacBook Air DOO BO Go@ 74 FI F3 * # 3 $ 4 % 5 & 7 2 6 8 8 9 W E R. T Y U
