Required
(a) Provide the journal entries for each of the transections

(b) Crane Observation Inc. generated $754.000 in net income in 2024 and did not declare any dividends that year.  Prepare the shareholders' equity section of the statement of financial position as at December 31 . 2024,

 

Crane Observation Inc. on May 1, 2024, and was authorized to issue 500,000 common shares and 100,000 5%, non-participating. convertible preferred shares. During the remainder of 2024, the company entered into the following transactions: 1. Issued 30,000 common shares in exchange for $660,000. 2. Issued 5,000 preferred shares in exchange for $60,000. Repurchased 3,000 common shares for $23.00 per share in the open market. 3. The company entered into no other transactions that affected shareholders' equity during 2024.