Question 3 View Policies Current Attempt in Progress Crane Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2.100 shares issued) $210,000 Common stock, $5 par (104,500 shares authorized, 20.900 shares issued) 104,500 Additional paid in capital 135,000 Retained earnings 492,000 Total $941,500 During 2020, Crane took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Crane uses the cost method. 3. Reissued 700 treasury shares for land valued at $28.700. 4. Issued 530 shares of preferred stock at $107 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $41 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the December 31, 2020. stockholders' equity section. Assume 2020 net income was $358,000. (Enter account name only. Do not provide any descriptive information) CRANE COMPANY Stockholders' Equity