Summarize how the following information about Crank Corp.'s restructuring would affect the balance sheet and income statement summary chart below.Crank Corp.'s restructuring will take approximately 18 months and was announced on March 15,2010:
(1)On March 15,2010 Crank Corp.announced its restructuring and recognized a restructuring charge of $845,000.
(2)The tax effect of the restructuring charge was estimated to be $230,000.
(3)Crank determined that the cost of disposing and removing facilities and equipment during 2010 $312,000.
(4)The tax effect associated with the disposal and removal of facilities and equipment are $95,000.
(5)Crank Corp.made cash payments to severed employees and lessors for lease terminations in 2010 equal to $78,000.
(6)The tax effect of the severance payments and lease cancellations was $19,000.
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