Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following shareholders' equity accounts are reported by Crane Inc. on January 1: The following selected transactions occurred during the year: Feb. 11 Issued 51,000

image text in transcribed

image text in transcribed

The following shareholders' equity accounts are reported by Crane Inc. on January 1: The following selected transactions occurred during the year: Feb. 11 Issued 51,000 common shares at $21 per share. Mar. 2 Reacquired 19,700 common shares at $23 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $31 per share. July 25 Reacquired 400 preferred shares at $70 per share. Sept. 16 Reacquired 51,000 common shares for $18 per share. Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share to 2 decimal places, eg. 52.75 and final answers to 0 decimal places, e. .5,275. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) The following shareholders' equity accounts are reported by Crane Inc. on January 1: The following selected transactions occurred during the year: Feb. 11 Issued 51,000 common shares at $21 per share. Mar. 2 Reacquired 19,700 common shares at $23 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $31 per share. July 25 Reacquired 400 preferred shares at $70 per share. Sept. 16 Reacquired 51,000 common shares for $18 per share. Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round average per share to 2 decimal places, eg. 52.75 and final answers to 0 decimal places, e. .5,275. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Why could the Robert Bosch approach make sense to the company?

Answered: 1 week ago