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

Cash dividendscommon		$71,500		Operating expenses		$1,123,000
Cash dividendspreferred		25,000		Other comprehensive incomeloss on equity investments (before income tax)		93,000
Common shares		326,500		Rent revenue		61,000
Cost of goods sold		7,410,000		Preferred shares ($5 noncumulative)		403,000
Depreciation expense		363,000		Retained earnings, December 1, 2020		754,000
Sales		9,033,000

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 $19,600 before income tax. The division was sold at a loss of $81,500 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.

(a) Prepare a multiple-step income statement for the year.