On January 1, 2020, Crane Corporation had the following stockholders equity accounts Common Stock ($20 par value, 66,500 shares issued and outstanding) $1,330,000 Paid in Capital in Excess of ParCommon Stock 190,000 Retained Earnings 579,000 During the year, the following transactions occurred Feb 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1 Mar 1 Paid the dividend declared in February Apr 1 Announced a 2 for 1 stock split Prior to the split, the market price per share was $35 July 1 Declared a 15 stock dividend to stockholders of record on July 15, distributable July 31 On July 1, the market price of the stock was $14 per share 31 Issued the shares for the stock dividend Dec 1 Declared a $0 30 per share dividend to stockholders of record on December 15, payable January 5, 2021 31 Determined that net income for the year was $390,000 A Journalize the transactions and the closing entries for net income and dividends B Enter the beginning balances, and post the entries to the stockholders equity accounts ( Note Open additional stockholders equity accounts as needed ) Cash Dividends and Stock dividends C Prepare a stockholders equity section at December 31

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Posted on Sep 16, 2024

On January 1, 2020, Crane Corporation had the following stockholders equity accounts. Common Stock ($20 par value, 66,500 shares issued and outstanding) $1,330,000 Paid-in Capital

On January 1, 2020, Crane Corporation had the following stockholders equity accounts.

Common Stock ($20 par value, 66,500 shares issued and outstanding)		$1,330,000
Paid-in Capital in Excess of ParCommon Stock		190,000
Retained Earnings		579,000

During the year, the following transactions occurred.

Feb. 1		Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1		Paid the dividend declared in February.
Apr. 1		Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35.
July 1		Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share.
31		Issued the shares for the stock dividend.
Dec. 1		Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021.
31		Determined that net income for the year was $390,000.

A:Journalize the transactions and the closing entries for net income and dividends

B: Enter the beginning balances, and post the entries to the stockholders equity accounts. (Note: Open additional stockholders equity accounts as needed.) Cash Dividends and Stock dividends

C: Prepare a stockholders equity section at December 31