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Information for Crane Company is given below: Crane Company Balance Sheet December 31, 2021 Assets Equities Cash $ 314000 Accounts payable $631000 Accounts receivable (net)

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Information for Crane Company is given below: Crane Company Balance Sheet December 31, 2021 Assets Equities Cash $ 314000 Accounts payable $631000 Accounts receivable (net) 1951000 Income taxes payable 193000 Inventories 2433000 Miscellaneous accrued payables 229000 Plant and equipment, 1850000 Bonds payable (8%, due 2023) Preferred stock ($100 par. 6% net of depreciation 1986000 Patents 261000 cumulative 742000 (net) Inventories 2433000 229000 Miscellaneous accrued payables Plant and equipment, Bonds payable (8%, due 2023) 1850000 net of depreciation 1986000 Preferred stock ($100 par, 6% Patents 261000 742000 cumulative nonparticipating) Other intangible assets 73400 Common stock (no par, 60,000 Total Assets $7018400 shares authorized, issued and outstanding) 1129000 Retained earnings 2465400 Treasury stock-1500 shares of preferred (221000) Total Equities $7018400 Income Statement Year Ended December 31, 2021 Net sales $8900000 Cost of goods sold 6500000 Gross profit 2400000 Operating expenses (including bond interest expense) 1600000 Income before income taxes 800000 Income tax 240000 Net income $ 560000 Additional information There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared, Dr. Additional information There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared The number of times interest was earned during 2021 was 948-148 1350 148 560-148 800 148

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