The following balances were taken from the books of Crane Corp. on December 31, 2017....
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Accounting
The following balances were taken from the books of Crane Corp. on December 31, 2017.
Interest revenue
$87,000
Accumulated depreciationequipment
$41,000
Cash
52,000
Accumulated depreciationbuildings
29,000
Sales revenue
1,381,000
Notes receivable
156,000
Accounts receivable
151,000
Selling expenses
195,000
Prepaid insurance
21,000
Accounts payable
171,000
Sales returns and allowances
151,000
Bonds payable
101,000
Allowance for doubtful accounts
8,000
Administrative and general expenses
98,000
Sales discounts
46,000
Accrued liabilities
33,000
Land
101,000
Interest expense
61,000
Equipment
201,000
Notes payable
101,000
Buildings
141,000
Loss from earthquake damage
151,000
Cost of goods sold
622,000
Common stock
501,000
Retained earnings
22,000
Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
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