Exercise 4-08 Presented below are selected ledger accounts of Crane Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $40,000 80,000 64,000 432,000 168,000 16,000 12,000 32,000 24,000 72,000 x Your answer is incorrect. Try again. Compute net income for 2020. Net income LINK TO TEXT Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 1.58.) CRANE CORPORATION Income Statement For the Year Ended December 31, 2017 T Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Discontinued Operations, Net of Tax Net Income / (Loss) T Earnings Per Share Income From Continuing Operations > TLoss on Discontinued Operations, Net of Tax T Net Income (Loss)