he ledger of Crane Corporation at November 30, 2021, contains the following summary data: Cash dividendscommon $66,000 Operating expenses $1,112,000 Cash dividendspreferred 25,000 Other comprehensive incomeloss on equity investments (before income tax) 82,000 Common shares 321,000 Rent revenue 50,000 Cost of goods sold 7,300,000 Preferred shares ($5 noncumulative) 392,000 Depreciation expense 352,000 Retained earnings, December 1, 2020 743,000 Sales 9,022,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17,400 before income tax. The division was sold at a loss of $76,000 before income tax. 3. There were 200,000 common and 5,000 preferred shares issued on December 1, 2020, with no changes during the year. Prepare a multiple-step income statement for the year. CRANE CORPORATION Income Statement