Current Attempt in Progress An inexperienced accountant prepared this condensed income statement for Crane Company, a retail firm that has been in business for a number of years. Crane Company Income Statement For the Year Ended December 31, 2022 Revenues Net sales $1.071.000 Other revenues 27.720 1,098,720 Cost of goods sold 699,300 Gross profit 399,420 Operating expenses Selling expenses 137.340 Selling expenses 137,340 Administrative expenses 129,780 267,120 Net earnings $132,300 As an experienced, knowledgeable accountant, you review the statement and determine the following facts. 1 Net sales consist of sales $1,147,860, less freight-out on merchandise sold $41,580, and sales returns and allowances $35,280. 2. Other revenues consist of sales discounts $22,680 and rent revenue $5,040. 3. Selling expenses consist of salespersons' salaries $100,800, depreciation on equipment $12,600, advertising $16,380, and sales commissions $7,560. The commissions represent commissions paid. At December 31, $3,780 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4. Administrative expenses consist of office salaries $59,220, dividends $22,680, utilities $15,120, interest expense $2,520, and rent expense $30,240, which includes prepayments totaling $7,560 for the first quarter of 2018. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate. (List other revenues before other expenses. Round answers to 0 decimal places, eg. 5,125. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) CRANE COMPANY Income Statement For the Year Ended December 31, 2022 For the Month Ended December 31, 2022 December 31, 2022