Exercise 12-7 (Algorithmic) (LO. 7) Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) Crane Loon $276,000 $441,600 386,400 463,680 165,600 331,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. $ b. Compute the dividends received deduction for Loon Corporation. $ EXHIBIT 12.4 Dividends Received Deduction Percentage of Ownership by Corporate Shareholder Less than 20% 20% or more (but less than 80%) 80% or more* Deduction Percentage 50% 65% 100% *The payor corporation must be a member of an affiliated group with the recipient corporation