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  3. crane corporation reported the following pre-tax a

Crane Corporation reported the following pre-tax amounts for the year ended August 31, 2021: profit...

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Crane Corporation reported the following pre-tax amounts for the year ended August 31, 2021: profit before income tax (on the company's continuing operations). $339,000; loss from discontinued operations. $90,000; and gain on disposal of assets of discontinued operations, $64,000. Crane is subject to a 20% income tax rate. Assume that the profit before income tax of $339,000 is from $530,000 of revenue and $191,000 of operating expenses. Prepare an income statement. CRANE CORPORATION Statement of Income Qu Profit before Income Taxes Gross Pront/(Loss) ing pre-tax amounts for the year ended August 31, 2021: profu 9,000; loss from discontinued operations, $90,000; and gain or di Profit from Continuing Operations he is subject to a 20% income tax rate. Assume that the profit is Discontinued Operations 000 of operating expenses. Prepare an income statement Revenues CRANE CORPORATION Gain on Disposal of Assets Statement of Income Operating Expenses Income Tax Expense Dividends Profit/(Loss) Loss from Operations $

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