The following information is related to Crane Company for 2020. Retained earnings balance, January 1, 2020 $882,000 Sales Revenue 22,500,000 Cost of goods sold 14,400,000 Interest revenue 63,000 Selling and administrative expenses 4,230,000 Write-off of goodwill 738,000 Income taxes for 2020 1,119,600 Gain on the sale of investments 99,000 Loss due to flood damage 351,000 Loss on the disposition of the wholesale division (net of tax) 396,000 Loss on operations of the wholesale division (net of tax) 81,000 Dividends declared on common stock 225,000 Dividends declared on preferred stock 72,000 Crane Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Crane sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. (a1) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) CRANE COMPANY Income Statement choose the accounting period select an income statement item $enter a dollar amount select an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part enter a total amount for the second part select an opening name for section one select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select an opening name for section two select an income statement item enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the third part enter a total amount for the third part select an income statement item enter a dollar amount select a summarizing line for the fourth part enter a total amount for the fouth part select an opening name for section three select an income statement item enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a closing name for this statement $enter a total net income or loss amount select an income statement item : select an income statement item $enter a dollar amount select an income statement item select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a closing name for this statement $

The following information is related to Crane Company for 2020. Retained earnings balance, January 1, 2020 $882,000 Sales Revenue 22,500,000 Cost of goods sold 14,400,000 Interest revenue 63,000 Selling and administrative expenses 4,230,000 Write-off of goodwill 738,000 Income taxes for 2020 1,119,600 Gain on the sale of investments 99,000 Loss due to flood damage 351,000 Loss on the disposition of the wholesale division (net of tax) 396,000 Loss on operations of the wholesale division (net of tax) 81,000 Dividends declared on common stock 225,000 Dividends declared on preferred stock 72,000 Crane Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Crane sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. (a1) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) CRANE COMPANY Income Statement choose the accounting period select an income statement item $enter a dollar amount select an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part enter a total amount for the second part select an opening name for section one select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select an opening name for section two select an income statement item enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a summarizing line for the third part enter a total amount for the third part select an income statement item enter a dollar amount select a summarizing line for the fourth part enter a total amount for the fouth part select an opening name for section three select an income statement item enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a closing name for this statement $enter a total net income or loss amount select an income statement item : select an income statement item $enter a dollar amount select an income statement item select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select a closing name for this statement $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 17E: Investing Activities and Depreciable Assets Verlando Company had the following account balances and...

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(a1)

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.)

CRANE COMPANY Income Statement choose the accounting period
select an income statement item		$enter a dollar amount
select an income statement item		enter a dollar amount
select a summarizing line for the first part		enter a total amount for the first part
select an income statement item		enter a dollar amount
select a summarizing line for the second part		enter a total amount for the second part
select an opening name for section one
select an income statement item	$enter a dollar amount
select an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select an opening name for section two
select an income statement item	enter a dollar amount
select an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the third part		enter a total amount for the third part
select an income statement item		enter a dollar amount
select a summarizing line for the fourth part		enter a total amount for the fouth part
select an opening name for section three
select an income statement item	enter a dollar amount
select an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for this statement		$enter a total net income or loss amount

select an income statement item :
select an income statement item		$enter a dollar amount
select an income statement item
select an income statement item	$enter a dollar amount
select an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for this statement		$

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Retained earnings balance, January 1, 2020		$882,000
Sales Revenue		22,500,000
Cost of goods sold		14,400,000
Interest revenue		63,000
Selling and administrative expenses		4,230,000
Write-off of goodwill		738,000
Income taxes for 2020		1,119,600
Gain on the sale of investments		99,000
Loss due to flood damage		351,000
Loss on the disposition of the wholesale division (net of tax)		396,000
Loss on operations of the wholesale division (net of tax)		81,000
Dividends declared on common stock		225,000
Dividends declared on preferred stock		72,000