Heidebrecht Design acquired 25% of the outstanding common stock of Crane Company on January 1, 2022, by paying $988,000 for the 49,400 shares. Crane declared and paid $0.50 per share cash dividends on March 15, June 15, September 15, and December 15, 2022. Crane reported net income of $313,000 for the year. At December 31, 2022, the market price of Crane common stock was $27 per share.