The following accounts appear in the ledger of Crane Inc. after the books are closed at December 31, 2024: Accumulated other comprehensive income $50,440 Common shares (unlimited number of shares authorized, 260,000 shares issued) 780,000 Stock dividends distributable 93,600 Contributed surplus 63,440 Preferred shares ($1.40 noncumulative, 104,000 shares authorized, 10,400 shares issued) 260,000 Retained earnings (of which $503,600 is restricted for a plant expansion) 1,393,600 Prepare the shareholders' equity section of Crane's statement of financial position.
The following accounts appear in the ledger of Crane Inc. after the books are closed at December 31, 2024: Accumulated other comprehensive income $50,440 Common shares (unlimited number of shares authorized, 260,000 shares issued) 780,000 Stock dividends distributable 93,600 Contributed surplus 63,440 Preferred shares ($1.40 noncumulative, 104,000 shares authorized, 10,400 shares issued) 260,000 Retained earnings (of which $503,600 is restricted for a plant expansion) 1,393,600 Prepare the shareholders' equity section of Crane's statement of financial position.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following accounts appear in the ledger of Crane Inc. after the books are closed at December 31, 2024:
Accumulated other comprehensive income
$50,440
Common shares (unlimited number of shares authorized, 260,000 shares issued)
780,000
Stock dividends distributable
93,600
Contributed surplus
63,440
Preferred shares ($1.40 noncumulative, 104,000 shares authorized, 10,400 shares issued)
260,000
Retained earnings (of which $503,600 is restricted for a plant expansion)
1,393,600
Prepare the shareholders' equity section of Crane's statement of financial position.
CRANE INC.
Statement of Financial Position (Partial)
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