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Question 1 of 3 -/10 E View Policies Current Attempt in Progress Crane Corporation had the following transactions. Sold land (cost $11,800) for $14,700. Issued common shares for $19.600. Recorded depreciation on buildings for $16,700. Paid salaries of $8,800. Issued 1,000 common shares in exchange for equipment with market value of $7.800. Sold equipment (cost $9.800, accumulated depreciation $6.900) for $1.200. 3. 4. 5 7 (a) For each of the above transaction, prepare the journal entry.(Credit account titles are automatically indented when the amount is entered. Do not indert manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Account Titles and Explanation Debit Credit 1. To record sale of land.) 2. (a) For each of the above transaction, prepare the journal entry. (Credit account tities 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 for the amounts) No. Account Titles and Explanation Debit Credit 1. (To record sale of land.) 2 47 Issued common shares for cash.) (To record depreciation expense.) (To pay salaries to employees (Purchased equipment in exchange for shares.) 3. (To record depreciation expense.) 4. (To pay salaries to employees.) (Purchased equipment in exchange for shares.) 6. (To record disposal of equipment.) e Textbook and Media List of Accounts Attempts of 3 used Submit Answer Save for Later Using multiple attempts will impact your score