Question
Crane Company had the following Shareholders' Equity section as of February 1, 2024: Share capital: Preferred shares, 31,000 issued and outstanding $868,000 Class A
Crane Company had the following Shareholders' Equity section as of February 1, 2024: Share capital: Preferred shares, 31,000 issued and outstanding $868,000 Class A common shares, 1,410,000 issued and outstanding 5,640,000 Class B common shares, 44,000 issued and outstanding 880,000 Retained earnings 8,400,000 Total shareholders' equity $15,788,000 On February 16, 2024, Crane reacquired and cancelled 5,100 Class A common shares at a cost of $3.50 per share. On April 10, Crane issued 8,600 Class A common shares for $5.90 each. On May 31, the company reacquired and cancelled another 2,900 Class A common shares at $5.00 per share. Prepare the journal entries required to record these transactions. (Round per share calculations to 2 decimal places, e.g. 12.25 and final answers to O decimal places, e.g. 5,725. List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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