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I --------------------------------------------------------------------- - -------------------------------------------------------------------- 1 Addltlonal Problem 5 The following Information Is taken from the aooountlng records of Crane Corporation, a Canadlan public company, for the year ended December 31, 2018. Acooums recelvable $89,000 Retained earnings, January 1, 2018 231,000 Loss on operadon of dlsoonnued operatlons (behre tax) 100,000 Sales revenue 1,183,000 Cost of goods sold 728,000 Selllng expenses 133,000 Cash 62,000 Common shares {19,000 common shares ouls'randlng} 190,000 DMdend revenue 17,600 ' Inventory 125,000 ' unearned servloe revenue 3,600 Land 374,000 Interest expense 19,300 Admlnlsuallye expenses 160,000 Nodes payable {mamnty 2023) 221,000 Amounts payable 61,200 Gain on sale of disoontlnued operations [before bar) \"9,000 Depreciation acpense 51,300 Loss on sale of equlpment (before tax) 11,700 Crane Corporation Is subject ho a 20% Income tax rate. Preparea mulple-sbep Income \"cement In good form forCrane Corpuratlon {earnings per shamlnfunnaljon Is not required). o4 nlir-u l m anmnm'r 1m... Wit-nu n. he rm- all nip-I." nun-mud a nlnIELnn nr hum mil... in cm. b..- manic... A 'u I 'n Additional Problem 6 Presented below Is Information which relates to Crane Company, a Canadian publlc oorporation traded on the Toronto Stock Exchange, for 201?. Net Income $414,000 Retained earnings, January 1. 201? 8?0.000 Cash dividends declared on common shares 33,000 Correction of calculation error depreciation understatement In 2013 (ore-lax) 464,000 Galn from foreign currech transactions (net of tax) 24.000 Proceeds from issuance of Crane common shares 58.000 Accumulated other oomprehenslve Income. Januan,r 1. 201? 18,000 On January 1, 201?, Crane had 19,600 common shares ouEtanding with a capital balanoe 034510.000. DurIng Hie veal; Crane Company Issued an addltlnnal 2,600 common shares. Prepare In good form a statement of changes In equityr for 2017. 'lhe tax rate Is 30%. {Enter expenses and Jesus using clthnra negative Sign pruning the number my. 45 or parentheses 9.9. (45).) Crane Compa ny Statement of Shareholders' Equity!I common slum Accumulated Dllr Number Common Shares Retained Earnlngs Onmprallmlvo Income Tulal $ $ $ 5 u Additional Problem 10 (Part Level Submission] Cullurnber Incorporated decided to change from the FIFO method of valuing inventoryr m the weighted average method In July 201?. The cumulative effect on prior years of retrospective application of line new lmrenttmir casting method was determined to be $23,500 net of $16,500 tax. As prices are den-easing, cost of sales would be lower and ending Inventory higher for the preceding period. Retained earnings on January 1. 201? was $247,500, '7 (an) Prepare a partial statement of retained earnings illustrating the adjusted balance of retained earnings. Cullumber Incorporated Statement of Retained Earnings (Partial) 0 * w v- 0 Add ltlonal Problem 14 On January 1, 201?, Cullumber Corporanlon had 9?,200 common shares outstanding. On April 1, the company issued an addltlonal 37,800 shares. On Jury l, the company repurchasecl and cancelled 35.400 common shares. On November 1. the company kssued 63.000 new shares. Cash divldends of $59,000 were pull! to preferred sharolders. Net Income far the year was $930,600. (hlcuiate the weighted average number of shares for 2017 and earnings per share (EPS). {Round naming-s par stun- {EDS} an 2 Mun-[pm mg. 15.75.) Weighted average number of shares Earning per share $ {share
