The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,237,000 Cost of goods sold 1,019,000 Selling and administrative expenses 906,500 Interest expense 76,000 Income tax expense 69,500 Net income $166,000 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash $57,400 Debt investments 87,000 Accounts receivable (net) 169,400 Inventory 199,200 Total current assets 513,000 Plant assets (net) 573,000 $1,086,000 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $158,000 32,000