Crane Corporation was organized on January 1, 2027. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stockand 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completedduring the first year.Jan. 10Mar. 11Issued 71,000 shares of common stock for cash at $5 per share.Issued 11,600 shares of preferred stock for cash at $56 per share.Issued 116,000 shares of common stock for cash at $8 per share.MaySept.1Nov.1Issued 5,200 shares of common stock for cash at $6 per share.Issued 3,200 shares of preferred stock for cash at $58 per share.(a)Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity,place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)AssetsLiabilitiesJan. 10 $Mar. 1Cash1$Common StockPaid-in-CapitStated Valu$

Let's break down the exchanges and their affect on the company's accounts: 1. **January 10:**- Crane…

Answered: Crane Corporation was organized on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1. 109,000 shares of $10 par common stock. 2.6,500 shares of $80 par, 4 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 6,500 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend
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