The following information was taken from the records of Crane Inc for the year 2020: Income tax applicable to income from continuing operations $149,600; income tax applicable to loss on discontinued operations $20.400 and unrealized holding gain on available-for-sale securities (net of tax) $12,000. Gain on sale of equipment Cash dividends declared $120.000 Loss on discontinued operations $76,000 60,000 192.000 Retained earnings January 1, 2020 480,000 Administrative expenses Cost of goods sold 680,000 Rent revenue 32.000 240,000 Selling expenses Sales Revenue Loss on write-down of inventory 48.000 1.520,000 Shares outstanding during 2020 were 100.000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, eg. 1.48.) CRANE INC. Income Statement For the Year Ended December 31, 2020 V Revenues Sales Revenue $ 1520000 Rent Revenue 32000 Total Revenues $ 155 Expenses Cost of Goods Sold 680000 Selling Expenses 240000 Administrative Expenses 192000 Total Expenses 111 Income from Operations V 441 Other Revenues and Gains v Gain on Sale of Equipment 7 7 Other Expenses and Losses Loss on Discontinued Operations 2 Income From Continuing Operations Before Income Tax V 49 Inventory Loss 4: Income From Continuing Operations 44 $ $ $