The post-closing trial balance of Crane Corporation at December 31, 2024, contains the following shareholders' equity accounts: $5 noncumulative preferred shares (10,200 issued) Common shares (394,600 issued) Retained earnings $1,071,000 1,966,400 3,146,400 A review of the accounting records reveals the following: 1. 2. 3. 4. 5. 6. The January 1, 2024, balance in Preferred Shares was $1,071.000. Common Shares was $1.272.000 (318,000 shares), the balance in Contributed Surplus-Reacquisition of Common Shares was $30,600, and the balance in Retained Earnings was $2,442.000. One of the company's shareholders needed cash for a personal expenditure. On January 15, the company agreed to reacquire 20,400 shares from this shareholder for $7 per share. On July 1, the company corrected a prior period error that resulted in an increase to the Long-Term Investment account, as well as to the prior year's profit of $252.000 before income tax. On October 1, 97,000 common shares were sold for $8 per share. The preferred shareholders' dividend was declared and paid in 2024 for two quarters. Due to a cash shortage, the last two quarters' dividends were not declared or paid. Profit for the year before income tax was $762,000. The company has a 25% income tax rate. Open general ledger accounts for the shareholders' equity accounts listed in item (1) above and enter opening balances. Preferred Shares Date Explanation Ref. Debit Credit Jan. 1 Balance Common Shares Date Explanation Ref. Debit Credit Jan. 1 Balance Balance Balance Contributed Surplus-Reacquisition of Common Shares Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 Balance