Crane Inc. $($CI$)$ is a widely held, publicly traded company that designs equipment for tuning musical instruments. Information about its shareholders' equity is as follows. Share capital CRANE INC. Shareholders' Equity December $31,2022$ Preferred shares, no par value, $$8,$ cumulative, and participating $(20,000$ authorized; $960$ issued and outstanding$)$ $$96,000$ Common shares, unlimited number authorized, $35,000$ issued and outstanding $472,500$ Contributed capital, preferred share retirement $18,750$ Retained earnings $587,250$ Shareholders' equity $298,890$ $$886,140$ The preferred share dividend was not paid in $2022.$ Several transactions affecting shareholders' equity took place during the fiscal year ended December $31,2023,$ and are summarized in chronological order as follows: $1.$ Exchanged $8,750$ common shares for prototype piano tuning equipment. The equipment was valued at $$87,500$ by an independent appraiser. On the transaction date, Cl$\text{'}$s shares were actively trading at $$10$ per share. $2.$ Purchased and retired $8,750$ common shares at $$13\mathrm{.}50$ per share. $3.$ Paid the annual dividend on the preferred shares. The common shares were then paid a $$2$ per share dividend. CI's net income for $2023$ was $$71,000.$Prepare journal entries for each of the three transactions. $($Round average price per share to O decimal places, e$.$g$.5,275$ and percentages to $4$ decimal places, e$.$g$.52\mathrm{.}7546\%.$ Round answers to O decimal places, e$.$g$.5,275.$ 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.$)$ No$.$ Account Titles and Explanation $1.$ Equipment Common Shares Debit Credit $87500$ Common Shares $112000$ Retained Earnings Cash $61251181253.$ Dividends $15360$ Cash $($To record payment of dividend to preferred shareholders$)$ Dividends Cash $($To record payment of dividend