The following are selected ledger accounts of Crane Corporation at December 31, 2020.

Cash		$166,500		Salaries and wages expense (sales)		$255,600
Inventory		481,500		Salaries and wages expense (office)		311,400
Sales revenue		3,847,500		Purchase returns		13,500
Unearned sales revenue		105,300		Sales returns and allowances		71,100
Purchases		2,507,400		Freight-in		64,800
Sales discounts		30,600		Accounts receivable		128,250
Purchase discounts		24,300		Sales commissions		74,700
Selling expenses		62,100		Telephone and Internet expense (sales)		15,300
Accounting and legal services		29,700		Utilities expense (office)		28,800
Insurance expense (office)		21,600		Miscellaneous office expenses		7,200
Advertising expense		48,600		Rent revenue		216,000
Delivery expense		83,700		Casualty loss (before tax)		63,000
Depreciation expense (office equipment)		43,200		Interest expense		158,400
Depreciation expense (sales equipment)		32,400		Common stock ($10 par)		792,400

Cranes effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Crane Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

CRANE CORPORATION Income Statement For the Year Ended December 31, 2020 Net Sales $ 3745800 Cost of Goods Sold 2329900 Gross Profit/(Loss) 1415900 Selling Expenses $ (572400) i Administrative Expenses (441900) i (1014300) i Income From Operations 401600 Casualty loss (63000) i Interest Expense (158400) i Rent Revenue 216000 (5400) i Income Before Income Tax 4.65