The condensed income statement for the Crane and Paul partnership for 2020 is as follows. Crane and Paul Company Income Statement For the Year Ended December 31, 2020 Sales (300,000 units) Cost of goods sold Gross profit Operating expenses Selling Administrative $1,500,000 960,000 540,000 $350,000 195,000 545,000 $(5,000) Net loss expenses are variable