Question 1 --/1 View Policies Current Attempt in Progress On December 31, 2020, Crane Corporation had the following shareholders' equity accounts: CRANE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1,102,000 590,000 $1,692,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. July 1 Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $12. Dec. 15 Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $6; on December 30, $8; and on January 15, $7. 31 Determined that profit before income tax for the year was $424,000. The company has a 30% income tax rate. entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record Journalize the transactions and closing entries for 2021. (Credit account titles are automatically indented when the amount journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record declaration of cash dividend.) (To record payment of dividend.) July 1 Memo: 2-for-1 stock split increases the number of shares to (To record declaration of stock dividend.) (To close Income Summary.) (To close dividends to retained earnings.) Enter the beginning balances from the December 31, 2020, partial balance sheet. Post the entries in part (a) to the shareholders' equity accounts. (Note:Open additional shareholders' equity accounts as needed.) Common Shares Credit Date Explanation Ref. Debit Balance Jan. 1 Balance V Stock Dividends Distributable Debit Credit Date Explanation Ref. Balance Dec. 15 J1 Cash DividendsCommon Debit Credit Date Explanation Ref. Balance Jan. 15 J1 Dec. 31 Closing entry J1 Stock Dividends Credit Date Explanation Ref. Debit Balance Dec. 15 J1 Dec. 31 Closing entry J1 Retained Earnings Debit Credit Balance Date Explanation Ref. Jan. 1 Balance V Dec. 31 Closing entry J1 Dec. 31 Closing entry J1 Prepare the shareholders' equity section of the balance sheet at December 31, 2021. CRANE CORPORATION Partial Balance Sheet $ e Textbook and Media List of Accounts