The Crane Company has disclosed the following financial information in its annual reports for the period ending March 31, 2017: sales of $1.65 million, cost of goods sold of $814,800, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has an average tax rate of 35 percent. What is the companys net income? Set up an income statement to answer the question. (Round answers to 2 decimal places, e.g. 15.25)

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Question 7 The Crane Company has disdosed the following financial information in its annual reports for the period ending March 31, 2017; sales of $1.65 milion, cost of goods $175,000, and interest expenses of $89,575. Assume that the firm has an average tax rate of 35 percent. What is the company's net income? Set up an income stat to 2 decimal places,e.g. 15.25) Crane Company Income Statement Amount Earnings Before Interest, Taxes, Depreciation, and Amortization Earnings Before Taxes Taxes Revenues Cost of Goods Sold Depreciation Earnings Before Interest and Taxes Net Income / (Loss) Interest Open Show Work Click if you would like to Show Work for this question: Question Attempts: 0 of earch