In its income statement for the year ended December 31, 2025, Crane Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $711,000 1,247,000 61,000 38,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $ 24,000 8,000 2,333,000 164,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) CRANE INC. Income Statement For the Year Ended December 31, 2025

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In its income statement for the year ended December 31, 2025, Crane Inc. reported the following condensed data.
Operating expenses
Cost of goods sold
Interest expense
Income tax expense
$711,000
1,247,000
61,000
38,000
Interest revenue
Loss on disposal of plant assets
Sales revenue
Sales discounts
$ 24,000
8,000
2,333,000
164,000
Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.)
CRANE INC.
Income Statement
For the Year Ended December 31, 2025
Transcribed Image Text:In its income statement for the year ended December 31, 2025, Crane Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $711,000 1,247,000 61,000 38,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $ 24,000 8,000 2,333,000 164,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) CRANE INC. Income Statement For the Year Ended December 31, 2025
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