Current Attempt in Progress An alphabetical list of Cranes Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Cash Cost of goods sold Depreciation expense Equipment Furniture Insurance expense Interest expense Interest payable Merchandise inventory $15,560 14.000 17.500 26,760 271,900 7,050 35,000 42.000 3,575 2,190 615 71,250 Notes payable Prepaid insurance R. Smistad. capital R. Smistad, drawings Rent expense Salaries expense Salaries payable Sales Sales returns and allowances Supplies Supplies expense Unearned revenue $42.000 575 65,750 76,000 24,200 50,200 2.250 474,000 16,300 950 6,325 2,600 Additional information: 1. Of the notes payable, $6,500 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $3.900 cash in the business. Your answer is correct Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) CRANE COMPANY Income Statement For the Year Ended August 31, 2021 $ Sales 474000 Less : Sales Returns and Allowances 16300 i Net Sales 457700 Cost of Goods Sold 271900 i Gross Profit/(Loss) 185800 Operating Expenses $ 7050 i Depreciation Expense Insurance Expense 3575 i Rent Expense 24200 50200 Salaries Expense Supplies Expense 6325 i 91350 Total Operating Expenses Profit from Operations Other Expenses 94450 Interest Expense 2190 i Profit/(Loss $ 92260 Attempts: 2 of 2 used (a2) Your answer is partially correct. Prepare a statement of owner's equity. CRANE COMPANY Statement of Owner's Equity For the Year Ended August 31, 2021 > R. Smistad, Capital. September 1, 2020 $ 61950 Add : Investments