Crane Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at the end of the first quarter of the 2020202 fiscal year. Cranes financial accounting department has compiled the following summarized revenue and expense data for the first quarter of the year.

Sales revenue		$59,500,000
Cost of goods sold		35,900,000
Variable selling expenses		940,000
Fixed selling expenses		2,790,000

Included in the fixed selling expenses was the single lump-sum payment of $1,845,000 for television advertisements for the entire year. Crane Corporation must issue its quarterly financial statements in accordance with generally accepted accounting principles regarding interim financial reporting.

(a1)

Should Crane report its operating results for the quarter as if the quarter were a separate reporting period in and of itself, or as if the quarter were an integral part of the annual reporting period.

(a2)

State how the sales revenue, cost of goods sold, and fixed selling expenses would be reflected in Crane Corporations quarterly report prepared for the first quarter of the 20202021 fiscal year.

CRANE CORPORATION INCOME STATEMENT 20202021
		$