In $2022,$ Crane Corporation had net sales of $$609,000$ and cost of goods sold of $$359,000.$ Operating expenses were $$152,000,$ and interest expense was $$8,000.$ The corporation's tax rate is $20\%.$ The corporation declared preferred dividends of $$12,500$ in $2022,$ and its average common stockholders' equity during the year was $$182,000.$

$($a$)$

Prepare an income statement for Crane Corporation.

CRANE CORPORATION Income Statement