Presented below is information related to Crane Corp. for the year 2020. Net sales $1040000 Write-off of inventory due to obsolescence $64000 Cost of goods sold 624000 Depreciation expense omitted by accident in 2019 44000 Selling expenses 52000 Casualty loss 40000 Administrative expenses 38400 Cash dividends declared 36000 Dividend revenue 16000 Retained earnings at December 31, 2019 784000 Interest revenue 5600 Effective tax rate of 20% on all items - Your answer is partially correct. Prepare a multiple-step income statement for 2020. Assume that 60800 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) CRANE CORP. Income Statement For the Year Ended December 31, 2020 Revenue Gross Profit/(Loss) Operating Expenses Total Operating Expenses Income From Operations Other Revenues and Gains Other Expenses and Losses Write-off of Inventory Due to Obsolescence Income Before Income Tax Net Income /(Loss) Earnings Per Common Share (b) The parts of this question must be completed in order. This part will be available when you complete the part above