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The following transactions occurred in the remainder of years 1 and 2 Jan. 1, Year 1, Crane Corporation purchased 72,000 shares of Orange Corp. as a long-term investment for $8.00 per share. Orange Corp. had a total of 240,000 shares issued and outstanding. Feb. 1, year 1: Orange Corp. issued a total dividend of $90,000 Dec 31, year 1: Orange Corp. reported a profit of $110,000 and the shares were trading at $10.00 per share. Jan. 16, year 2: Crane Inc. sold 36,000 shares of Orange Corp. for $11.00 per share. This question will be sent to your instructor for grading. Required: Record any required transactions for Crane Corporation for the events above. Crane Corporation will use the equity method to account for this investment. Short Answer Toolbar navigation. n T