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Crane Corporation has outstanding at December 31, 2020,49,500shares of $18par value, cumulative,8% preferred stock and200,500shares of $8par value common stock. All shares were outstanding the
Crane Corporation has outstanding at December 31, 2020,49,500shares of $18par value, cumulative,8% preferred stock and200,500shares of $8par value common stock. All shares were outstanding the entire year. During 2020, Crane earned total revenues of $1,980,000and incurred total expenses (except income taxes) of $1,190,000. Crane's income tax rate is32%.
(a1)
Calculate Crane's 2020 net income:
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