The following information was taken from Crane Ltd's adjusted trial balance as at July 31, 2024
Sales revenus
$2,809,000
Interest expensa
40,000
Cost of goods sold
1,564,613
Utilities expense
14,000
Depreciation expense
218,000
Distribution expenses
418,000
Administration expenses
278,000
Advertising expense
60,000
Interest revenue
17,000
Income tax expense
69,000
Dividends declared-Common shares
29,000
Dividends declared-Preferred shares
14,387

Prepare a multi-step statement of income for the year ended July 31, 2024.