Crane Corporations trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below.

Debit Credit

Cash $20,910

Accounts Receivable 41,820

Inventory 18,614

Land 53,300

Buildings 77,900

Equipment 32,800

Allowance for Doubtful Accounts $369

Accumulated DepreciationBuildings 24,600

Accumulated DepreciationEquipment 11,808

Accounts Payable 15,826

Interest Payable 0

Dividends Payable 0

Unearned Rent Revenue 6,560

Bonds Payable (10%) 41,000

Preferred Stock ($20 par) 0

Paid-in Capital in Excess of Par

Preferred Stock 0

Common Stock ($10 par) 24,600

Paid-in Capital in Excess of ParCommon Stock 4,920

Retained Earnings 61,541

Treasury Stock 0

Cash Dividends 0

Sales Revenue 467,400

Rent Revenue 0

Bad Debt Expense 0

Interest Expense 0

Cost of Goods Sold 328,000

Depreciation Expense 0

Other Operating Expenses 31,980

Salaries and Wages Expense 53,300

Total $658,624 $658,624

Unrecorded transactions and adjustments:

1. On January 1, 2022, Crane issued 820 shares of $20 par, 6% preferred stock for $18,040.

2. On January 1, 2022, Crane also issued 820 shares of common stock for $18,860.

3. Crane reacquired 246 shares of its common stock on July 1, 2022, for $49 per share.

4. On December 31, 2022, Crane declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2023.

5. Crane estimates that uncollectible accounts receivable at year-end are $4,182.

6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,100.

7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,280.

8. The unearned rent was collected on October 1, 2022. It was receipt of 4 months rent in advance (October 1, 2022 through January 31, 2023).

9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded.

Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
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