On January 1, 2021, Crane Ltd. had the following shareholders' equity accounts:

Common shares (1,000,000 issued)		$1,500,000
Retained earnings		1,730,000

The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity:

Jan.	2		Issued 106,000 preferred shares for $56 per share.
Apr.	1		Paid quarterly dividend to preferred shareholders.
July	1		Paid quarterly dividend to preferred shareholders.
Aug.	12		Issued 106,000 common shares for $1.80 per share.
Oct.	1		Paid quarterly dividend to preferred shareholders.
Dec.	31		Paid quarterly dividend to preferred shareholders and a $0.15 per share dividend to the common shareholders.
Dec.	31		Loss for the year was $106,000.

Journalize the transactions and closing entries for 2021.

Prepare the shareholders equity section of the balance sheet at December 31, 2021.

CULLUMBER CORPORATION Partial Balance Sheet December 31, 2021For the Year Ended December 31, 2021For the Month Ended December 31, 2021
Total Current LiabilitiesLong-Term LiabilitiesTotal Long-Term InvestmentsTotal Long-Term LiabilitiesTotal LiabilitiesTotal Liabilities and Shareholders' EquityCurrent LiabilitiesIntangible AssetsTotal AssetsShareholders' EquityLong-Term InvestmentsProperty, Plant and EquipmentTotal Shareholders' EquityTotal Current AssetsTotal Intangible AssetsTotal Property, Plant and EquipmentCurrent Assets
Total Share CapitalOwner's DrawingsContributed SurplusReacquired SharesShare CapitalAccumulated Other Comprehensive Income
					$
Owner's DrawingsContributed SurplusReacquired SharesShare CapitalAccumulated Other Comprehensive IncomeTotal Share Capital
Total Current AssetsCurrent LiabilitiesTotal Property, Plant and EquipmentTotal Liabilities and Shareholders' EquityTotal Long-Term InvestmentsTotal Current LiabilitiesLong-Term LiabilitiesIntangible AssetsTotal Shareholders' EquityTotal Long-Term LiabilitiesCurrent AssetsTotal Intangible AssetsLong-Term InvestmentsTotal AssetsShareholders' EquityTotal LiabilitiesProperty, Plant and Equipment					$