View Policies Current Attempt in Progress Crane Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet: Preferred shares, $8 dividend (10,500 shares authorized, 2,100 shares issued) Common shares (unlimited authorized, 28,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and cancellation of common shares. During 2024, the company had the following transactions that affect shareholders' equity. a. Prepare the journal entries for the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) b. C. d. e. f. $207,900 644,000 56,000 254,000 80,000 a. $1,241,900 No. Account Titles Paid the annual 2023 $8 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2023. Purchased 4,200 shares of its own outstanding common shares for $36 per share and cancelled them. Issued 1,100 preferred shares at $104 per share (at the beginning of the year). Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $44 per share. Issued the stock dividend. Declared the annual 2024 $8 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends are payable in 2025. Debit Credit
View Policies Current Attempt in Progress Crane Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet: Preferred shares, $8 dividend (10,500 shares authorized, 2,100 shares issued) Common shares (unlimited authorized, 28,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and cancellation of common shares. During 2024, the company had the following transactions that affect shareholders' equity. a. Prepare the journal entries for the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) b. C. d. e. f. $207,900 644,000 56,000 254,000 80,000 a. $1,241,900 No. Account Titles Paid the annual 2023 $8 per share dividend on preferred shares and a $4 per share dividend on common shares. These dividends had been declared on December 31, 2023. Purchased 4,200 shares of its own outstanding common shares for $36 per share and cancelled them. Issued 1,100 preferred shares at $104 per share (at the beginning of the year). Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $44 per share. Issued the stock dividend. Declared the annual 2024 $8 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends are payable in 2025. Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:View Policies
Current Attempt in Progress
Crane Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet:
Preferred shares, $8 dividend (10,500 shares authorized, 2,100 shares issued)
Common shares (unlimited authorized, 28,000 issued)
Contributed surplus
Retained earnings
Accumulated other comprehensive income
Total
a.
The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and
cancellation of common shares.
b.
During 2024, the company had the following transactions that affect shareholders' equity.
C.
Prepare the journal entries for the following transactions: (Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
entries.)
d.
e.
f.
$207,900
644,000
56,000
254,000
No. Account Titles
a.
80,000
$1,241,900
Debit
Paid the annual 2023 $8 per share dividend on preferred shares and a $4 per share dividend on common shares. These
dividends had been declared on December 31, 2023.
Purchased 4,200 shares of its own outstanding common shares for $36 per share and cancelled them.
Issued 1,100 preferred shares at $104 per share (at the beginning of the year).
Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $44 per
share.
Issued the stock dividend.
Declared the annual 2024 $8 per share dividend on preferred shares and a $3 per share dividend on common shares. These
dividends are payable in 2025.
Credit
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