Exercise 1-12 Here are incomplete financial statements for Crane Company. Calculate the missing amounts. CRANE COMPANY Balance Sheet sets Cash $14,500 Inventory 17,500 Buildings 37,500 Total assets $69,500 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 5,500 Stockholders' Equity Common stock Retained earnings (b) Total liabilities and stockholders' equity $69,500 CRANE COMPANY Income Statement Revenues $84,000 Cost of goods sold (c) Salaries and wages expense 10,440 Net income (d) CRANE COMPANY Retained Earnings Statement Beginning retained earnings $19,500 dy Add: Net income (e) Less: Dividends 4,000 Ending retained earnings $34,500