The following selected accounts are from Crane Corp.$\text{'}$s general ledger:

Additional information:

Jan. $9$ Paid cash dividend owing at the beginning of the year.

July $31$ Equipment with a cost of $$72,000$ was purchased for cash.

Sept. $2$ Equipment with a cost of $$54,000$ was purchased and partially financed through the issue of a long$-$term bank loan

payable received specifically for the purchase of this equipment.

Nov. $10$ A loss of $$3,400$ was incurred on the disposal of equipment.

Dec. $1$ Acquired a small parcel of adjoining land.

$23$ A $$4,700$ cash dividend was declared to shareholders of record on December $31,$ payable on January $10.$

$31$ Depreciation expense of $$45,000$ was recorded for the year.

$31$ Net income for the year was $$63,000.$