Question 8 of 10 < > -/2E The Crane Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable 12,600 Income tax payable 4,700 Accounts receivable 27,100 Insurance expense 3,400 Accumulated depreciation-equipment 5,400 Prepaid insurance 2,900 Cash 17,600 Rent expense 5,800 Common shares 10,100 Retained earnings 20,100 Depreciation expense 4,400 Salaries expense 44,450 Dividends declared 1,900 Salaries payable 3,250 Equipment 22,400 Supplies 1,900 Fees earned Income tax expense 87,200 5,000 Supplies expense 4,200 Utilities expense 2,300 During the year ended February 28, 2021, common shares were issued for $5,000. (a) Prepare a statement of income for the year. CRANE CORPORATION Statement of Income Year Ended February 28, 2021 $