ec. 31 Common Shares Subscrlbed Common Shares (To record issuance of shares for fully paid subscriptions) Common Shares Subscrlbed Share Subscriptlons Recelvable 562178102022 (To record forfeit of unpaid subscriptions receivable) Dlvldends 1620 Dlvldends Payable (To record dividends declared to preferred shareholders) ec. 31 Dlvldends Dividends Payable 160380 (To record dividends declared to common shareholders) Prepare the joumal entries to record the transactions for the year. (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 Crane Inc. (Cl) is a backyard pond design and installation company. Cl was incorporated during 2023, with an unlimited number of common shares, and 40,500 preferred shares with a $2 dividend rate authorized. Cl follows A.SPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 The articles of incorporation were filed and state that an unlimited number of common shares and 40,500 preferred shares are authorized. Jan. 1524,300 common shares were sold by subscription to 3 individuals, who each purchased 8,100 shares for $41 per share. The terms require 8% of the balance to be paid in cash immediately. The balance was to be paid by December 31, 2024, at which time the shares will be issued. Feb. 2056,700 common shares were sold by subscription to 7 individuals, who each purchased 8,100 shares for $41 per share. The terms require that 8% of the balance be paid in cash immediately, with the balance to be paid by December 31,2023 . Shares are to be issued once the full payment is received. Mar. 340,500 common shares were sold by an underwriter for $42 per share. The underwriter charged Cl a 4%commission on the sale. May 10Cl paid $1,620 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $12,150. Sept. 23Cl issued a combination of 1,620 common and 810 preferred shares to a new shareholder for a total price of $162,000. Cl was unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. Nov. 28Cl wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 405 common shares for $42, to be paid by December 31,2024 . The employee accepted the offer and signed a note payable to Cl in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Dec. 31 Of the 7 subscriptions issued on February 20 , five subscription were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Dec. 31Cl declared a dividend of $162,000 for 2023 . Net income for the year was $648,000