The following is the trial balance of Crane Corporation at December 31, 2020.

A physical count of inventory on December 31 resulted in an inventory amount of $51,200; thus, cost of goods sold for 2020 is $516,000.

Credits $8,000 14,400 128,000 14,400 880,000 39,200 22,400 56,000 CRANE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $151,760 Accounts Receivable 84,000 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 88,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 11,600 Sales Returns and Allowances 14,000 Notes Payable Selling Expenses 185,600 Administrative Expenses 79,200 Common Stock Income Tax Expense 43,120 Cash Dividends 36,000 Allowance for Doubtful Accounts Supplies 11,200 Freight-in 16,000 Land 56,000 Equipment 112,000 Bonds Payable Gain on Sale of Land Accumulated Depreciation-Buildings Inventory 71,200 Buildings 78,400 Purchases 488,000 Totals $1,526,080 240,000 4,000 80,000 24,000 15,680 $1,526,080 Prepare a single-step income statement. 24,000 shares of common stock were outstanding the entire year. (Round earnings per share to 2 decimal places, eg. 1.48.) CRANE CORPORATION Income Statement December 31, 2020 $ $