Problem 4-04 (Part Level Submission) The following account balances were included in the trial balance of Crane Corporation at June 30, 2020. $7,753 6,742 5,200 9,307 Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,591,960 32,520 902.000 58,270 98,190 37,800 22,560 14,900 9,090 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock 5,540 62.925 38,200 19,090 100,870 18,691 9,020 37,650 5,849 4,531 3,273 2.788 The Retained Earnings account had a balance of $309,070 at July 1, 2019. There are 81,470 shares of common stock outstanding (al) Using the multiple-step form, prepare an income statement for the year ended Sune 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE CORPORATION Income Statement For the Year Ended June 30, 2020 CRANE CORPORATION Income Statement For the Year Ended June 30, 2020 Sales T Sales Revenue 1591960 1 Sales Returns and Allowances 0 6 2925 Sales Discounts 95445 1496515 902000 594515 Net Sales Cost of Goods Sold Gross Profit/ (Los) Operating Expenses Selling Expenses Sales Commissions Sa Commissie Salaries and was 58270 Travel Delivery Expense 22560 Entertainment Exp Telephone and Internet Expense Maintenance and Repairs Expenset Depreciation Expense Bad Debt Expense Miscellaneous Seling Expenses Total Selling Expenses Kaminstrative Expenses Maintenance and Repairs Expenses 261538 Property Tax Expense Supplies Expense Telephone and Internet Expense Depreciation Expense Office Expenses Total Administrative Expenses 1 35403 Income Before Income Tax