The ledger of Crane Corporation at November 30, 2021, contains the following summary data:

Cash dividendscommon		$60,500		Operating expenses		$1,101,000
Cash dividendspreferred		25,000		Other comprehensive incomeloss on equity investments (before income tax)		71,000
Common shares		315,500		Rent revenue		39,000
Cost of goods sold		7,190,000		Preferred shares ($5 noncumulative)		381,000
Depreciation expense		341,000		Retained earnings, December 1, 2020		732,000
Sales		9,011,000

Your analysis reveals the following additional information:

1.		The company has a 25% income tax rate.
2.		The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $15,200 before income tax. The division was sold at a loss of $70,500 before income tax.
3.		There were 200,000 common and 5,000 preferred shares issued on December 1, 2020, with no changes during the year.

Prepare a multiple-step income statement for the year.

CRANE CORPORATION Income Statement Year Ended November 30, 2021November 30, 2021Month Ended November 30, 2021
Operating ExpensesIncome Tax ExpenseCost of Goods SoldSalesProfit on Discontinued Operations of Communication Device Division		$
Profit on Discontinued Operations of Communication Device DivisionSalesOperating ExpensesCost of Goods SoldIncome Tax Expense
Discontinued OperationsEnding Balance, December 31Profit from Continuing OperationsTotal Other RevenuesDividendsProfit / (Loss)Other Comprehensive LossBeginning Balance, November 30Comprehensive IncomeExpensesGross ProfitOther RevenuesProfit from OperationsProfit before Income TaxesTotal Expenses
SalesOperating ExpensesDepreciation ExpenseIncome Tax ExpenseLoss on Disposal of Discontinued Communication Device Division	$
Operating ExpensesSalesIncome Tax ExpenseLoss on Disposal of Discontinued Communication Device DivisionDepreciation Expense
Discontinued OperationsProfit before Income TaxesDividendsExpensesGross ProfitTotal Other RevenuesProfit / (Loss)Comprehensive IncomeBeginning Balance, November 30Other Comprehensive LossProfit from OperationsProfit from Continuing OperationsOther RevenuesTotal ExpensesEnding Balance, December 31
ExpensesOther Comprehensive LossProfit from OperationsDiscontinued OperationsComprehensive IncomeDividendsBeginning Balance, November 30Gross ProfitTotal ExpensesProfit / (Loss)Ending Balance, December 31Total Other RevenuesProfit from Continuing OperationsProfit before Income TaxesOther Revenues
Profit before Income TaxesDividendsOther Comprehensive LossProfit / (Loss)Gross ProfitTotal ExpensesTotal Other RevenuesEnding Balance, December 31Beginning Balance, November 30Comprehensive IncomeProfit from Continuing OperationsProfit from OperationsOther RevenuesExpensesDiscontinued Operations
SalesDepreciation ExpenseIncome Tax ExpenseLoss on Disposal of Discontinued Communication Device DivisionOperating Expenses
Total ExpensesBeginning Balance, November 30Ending Balance, December 31Profit from OperationsOther RevenuesProfit before Income TaxesTotal Other RevenuesOther Comprehensive LossProfit / (Loss)ExpensesDividendsProfit from Continuing OperationsGross ProfitDiscontinued OperationsComprehensive Income
Total Other RevenuesGross ProfitProfit / (Loss)Comprehensive IncomeDiscontinued OperationsProfit from OperationsOther Comprehensive LossProfit from Continuing OperationsExpensesBeginning Balance, November 30Other RevenuesEnding Balance, December 31Profit before Income TaxesTotal ExpensesDividends
Depreciation ExpenseLoss on Disposal of Discontinued Communication Device DivisionSalesOperating ExpensesProfit on Discontinued Operations of Communication Device Division
Operating ExpensesProfit on Discontinued Operations of Communication Device DivisionDepreciation ExpenseLoss on Disposal of Discontinued Communication Device DivisionSales
ExpensesOther RevenuesEnding Balance, December 31Profit before Income TaxesProfit from Continuing OperationsComprehensive IncomeOther Comprehensive LossBeginning Balance, November 30Gross ProfitDividendsProfit from OperationsTotal Other RevenuesProfit / (Loss)Discontinued OperationsTotal Expenses		$
Earnings per share		$

Question Part Score

--/15

Prepare a statement of comprehensive income as a separate statement.

CRANE CORPORATION Statement of Comprehensive Income November 30, 2021Month Ended November 30, 2021Year Ended November 30, 2021
Profit / (Loss)Profit from Continuing OperationsExpensesProfit from OperationsGross ProfitProfit before Income TaxesTotal ExpensesOther RevenuesComprehensive IncomeDividendsOther Comprehensive LossEnding Balance, December 31Total Other RevenuesDiscontinued OperationsBeginning Balance, November 30		$
Comprehensive IncomeDiscontinued OperationsTotal Other RevenuesDividendsProfit before Income TaxesGross ProfitProfit from OperationsTotal ExpensesBeginning Balance, November 30Profit / (Loss)Ending Balance, December 31ExpensesProfit from Continuing OperationsOther RevenuesOther Comprehensive Loss
Gain on Equity Investments (Net)Loss on Income Tax Savings (Net)Loss on Equity Investments (Net)Profit on Discontinued Operations of Communication Device DivisionGain on Income Tax Savings (Net)
Total ExpensesBeginning Balance, November 30Total Other RevenuesProfit from OperationsComprehensive IncomeExpensesDividendsOther RevenuesGross ProfitProfit before Income TaxesProfit / (Loss)Discontinued OperationsOther Comprehensive LossEnding Balance, December 31Profit from Continuing Operations		$