Exercise 12-7 (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) stic corporations (15% ownership) Crane $180,000 255,000 100,000 Loon $300,000 310,000 230,000 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. $ 50,000 b. Compute the dividends received deduction for Loon Corporation