1) Crane Company had these transactions during the current period.

June 12: Issued 89,500 shares of $1 par value common stock for cash of $335,625.

July 11: Issued 3,500 shares of $100 par value preferred stock for cash at $106 per share.

Nov. 28: Purchased 1,900 shares of treasury stock for $9,500.

Prepare the journal entries for the Crane Company transactions.

2) Grouper Corp. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. LOOK AT CHART

Crane Company had these transactions during the current period. June 12 Issued 89,500 shares of $1 par value common stock for cash of $335,625. July 11 Issued 3,500 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 1,900 shares of treasury stock for $9.500. Prepare the journal entries for the Crane Company transactions, (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent marually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.) Grouper Corp. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned carlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. May 2 Cash 99,400 Capital Stock 99,400 (Issued 7,100 shares of \$10 par value common stock at \$14 per share) 10 Cash Capitalstock (Issued 11.000 shares of $20 par value preferred stock at $54 per share) 15 Capital Stock Cash 594.000 594,000 11,310 11.310 (Purchased 870 shares of common stock for the treasury at $13 per share) On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titfes and enter o for the