Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to Crane Company ($000 omitted). $5,135 4,195 60,805 17,465 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense 2,925 8,215 6,715 96,735 9,305 2,095 Common shares outstanding for 2020 total 37,025 (000 omitted). Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Delivery Expense $ Depreciation Expense Sales Commission Total Expenses $ Administrative Expenses Salaries and Wages Expense Accumulated Depreciation Equipment Income From Operations v Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) $ $ $ $ $