On January 5, 2020, Crane Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,300 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $50,600; a factory building with a fair value of $153,000; and land with an appraised value of $290,000. July 29 Purchased 2,000 shares of common stock at $19 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $162,500 net income. e Account Titles and Explanation Debit Credit Cash 308,800 Common Stock 193,000 Paid-in Capital in Excess of Par - Common Stock 115,800 Land 290,000 Buildings 153,000 Equipment 50,600 Preferred Stock 360,000 Paid-in Capital in Excess of Par - Preferred Stock 133,600 Treasury Stock 38,000 Cash 38,000 Cash 30,000 Retained Earnings 8,000 Treasury Stock 38,000 Retained Earnings 37,485 Dividends Payable 37,485 Income Summary 162,500 Retained Earnings 162,500 CRANE CORPORATION Stockholders' Equity December 31, 2020 Capital Stock Preferred Stock $ 8,000 Common Stock 137,250 Total Capital Stock 237250 Additional Paid-in Capital Paid-in Capital in Excess of Par - Preferred Stock ta 133,600 Paid-in Capital in Excess of Par - Common Stock 115,800 249400 Total Paid-in Capital 486650 Retained Earnings 207985 Total Stockholders' Equity $ 694635