The following information is related to Crane Company for 2020. Retained earnings balance, Januaryr 1, 2020 $882,000 Sales Revenue 22,500,000 Cost of goods sold 14,400,000 Interest revenue 63,000 Selling and administrative expenses 4,230,000 Write-off of goodwill 238,000 Income taxes for 2020 1,119,600 Gain on the sale of investments 99,000 Loss due to ood damage 351,000 Loss on the disposition of the wholesale division (net of tax) 396,000 Loss on operations of the wholesale division [ net of tax) 8 1,000 Dividends declared on common stock 225,000 Dividends declared on preferred stock 22,000 Crane Companv decided to discontinue its entire wholesale operations {considered a discontinue Company. During 2020, there were 500,000 shares of common stock outstanding all year,