Case Facts: Crane Company is a small home improvement business. Below is a list of Crane Company's 2019 revenues & gains and expenses & losses. Crane Company follows accrual basis accounting procedures applying GAAP and has a fiscal year that runs from January 1 through December 31. 234,800 37,500 12,500 4,700 Revenues and Gains Sales Interest Income Income from Discontinued Segment Gain on Disposal of Plant Assets (discontinued operations) Expenses and Losses Cost of Goods Sold Selling Expenses Administrative Expenses Research & Development Expense Loss on Sale of Equity Investment Income Tax Expense 65,000 46,000 47,500 6,000 9,800 35% Required: 1. Discuss where each item would be reported in a multi-step income statement and identify the key performance measure that is calculated for each section of the multi-step income statement. 2. Explain how appropriately reporting information on the income statement leads to better decision-making by capital providers Preparation