Crane Company has four operating divisions. During the first quarter of $2022,$ the company reported aggregate income from operations of $$194,000$ and the following divisional results.

Division I:

$-$ Sales: $$251,000$

$-$ Cost of goods sold: $$205,000$

$-$ Selling and administrative expenses: $$76,000$

$-$ Income $($loss$)$ from operations: $$(30,000)$

Division II:

$-$ Sales: $$195,000$

$-$ Cost of goods sold: $$189,000$

$-$ Selling and administrative expenses: $$63,000$

$-$ Income $($loss$)$ from operations: $$(57,000)$

Division III:

$-$ Sales: $$502,000$

$-$ Cost of goods sold: $$302,000$

$-$ Selling and administrative expenses: $$60,000$

$-$ Income from operations: $$140,000$

Division IV:

$-$ Sales: $$446,000$

$-$ Cost of goods sold: $$251,000$

$-$ Selling and administrative expenses: $$54,000$

$-$ Income from operations: $$141,000$

Division I:

$-$ Cost of goods sold: $68\%$

$-$ Selling and administrative expenses: $39\%$

Division II:

$-$ Cost of goods sold: $90\%$

$-$ Selling and administrative expenses: $57\%$

Division III:

$-$ Cost of goods sold: $79\%$

$-$ Selling and administrative expenses: $49\%$

Division IV:

$-$ Cost of goods sold: $73\%$

$-$ Selling and administrative expenses: $62\%$

Discontinuance of any division would save $50\%$ of the fixed costs and expenses for that division. Top management is very concerned about the unprofitable divisions $($I and II$).$ Consensus is that one or both of the divisions should be discontinued.

Prepare a columnar condensed income statement for Crane Company, assuming Division II is eliminated. Division II's unavoidable fixed costs are allocated equally to the continuing divisions. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Sales $ 251000 $ Variable costs Cost of goods sold Selling and administrative Total variable costs Contribution margin Fixed costs Cost of goods sold Selling and administrative Total fixed costs Income (loss) from operations $ eTextbook and Media CRANECOMPANY CVP Income Statement For the Quarter Ended March 31, 2022 Divisions III 502000 IV 446000 0000 0000