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On January 1, Crane Corporation had 99,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share.
On January 1, Crane Corporation had 99,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Issued 25,500 additional shares of common stock for $17 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 3,000 additional shares of common stock for $19 per share. Declared a cash dividend on outstanding shares of $4.00 per share to stockholders of record on December 31. Dec. 1 15 (a) Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1 | Cash 433,500 Common Stock 433,500 Paid-in Capital in Excess of Stated Value-Commor 433,5001 June 15 | Cash Dividends 124,500 Dividends Payable 124,500 July 10 4 Dividends Payable 124,500 Cash 124,500 Dec. 1 4 Cash 57,000 X Common Stock 57,000 X Paid-in Capital in Excess of Stated Value-Commor 57,000 Dec. 15 Cash Dividends 510,000 Dividends Payable 510,000
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