Information for Crane Ltd. follows: On July 6, Crane acquired the plant assets of Desbury Company, which had discontinued operations. The property was appraised by a reliable, independent valuator on the date of acquisition as follows: Land $ 578,000 Building-structure 1,854,000 Building HVAC 170,000 Machinery 768,000 Total $ 3,370,000 Crane gave 20,000 of its common shares in exchange. The most recent sale of Crane's common shares took place last month, when 4,900 shares were sold for $175 per share. most 2. Crane had the following cash expenses between July 6 and December 15, the date when it first occupied the building: Renovations and refurbishments of building Construction of bases for machinery to be installed later Driveways and parking lots Remodelling of office space in building, including new partitions and walls Special assessment by city on land $ 105,000 134,000 122,000 63,500 16,900 On December 20, Crane purchased machinery for $270,000, subject to a 3% cash discount, and paid freight on the machinery of $11,000. The machine was dropped while being placed in position, which resulted in paying the supplier for repairs costing $12,800. The company paid the supplier on the day that the machinery was received, and recorded the purchase of machinery net of any discount. Prepare the entries for these transactions on the books of Crane Ltd. Crane prepares financial statements in accordance with IFRS. (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 Debit Credit 1. (a) Prepare the entries for these transactions on the books of Crane Ltd. Crane prepares financial statements in accordance with IFRS. (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 o for the amounts.) No. Account Titles and Explanation Debit Credit 1. 7 7 7 (To record purchase of property) 2. 7 (To record purchase of machinery)