The post-closing trial balance of Crane Corporation at December 31, 2021, contains the following shareholders equity accounts:

$5 noncumulative preferred shares (9,200 issued)		$966,000
Common shares (394,600 issued)		1,966,400
Retained earnings		3,148,900

A review of the accounting records reveals the following:

1.		The January 1, 2021, balance in Preferred Shares was $966,000, Common Shares was $1,272,000 (318,000 shares), the balance in Contributed SurplusReacquisition of Common Shares was $30,600, and the balance in Retained Earnings was $2,442,000.
2.		One of the companys 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.
3.		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 years profit of $252,000 before income tax.
4.		On October 1, 97,000 common shares were sold for $8 per share.
5.		The preferred shareholders dividend was declared and paid in 2021 for two quarters. Due to a cash shortage, the last two quarters dividends were not declared or paid.
6.		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	Balance
Jan. 1	Balance
Common Shares
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1	Balance
Contributed SurplusReacquisition of Common Shares
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1	Balance
Retained Earnings
Date	Explanation	Ref.	Debit	Credit	Balance
Jan. 1	Balance