These items are taken from the financial statements of Crane Corporation for the year ended December 31, 2021:

Retained earnings, January 1		$215,000
Cash		11,900
Salaries payable		3,000
Utilities expense		2,000
Equipment		57,000
Accounts payable		18,000
Buildings		64,500
Common shares		33,200
Dividends declared		4,000
Service revenue		215,400
Prepaid insurance		2,000
Repairs and maintenance expense		2,800
Land		180,500
Depreciation expense		6,200
Accounts receivable		14,200
Insurance expense		2,700
Salaries expense		120,800
Accumulated depreciationequipment		17,600
Income tax expense		6,000
Supplies		200
Operating expense		39,400
Supplies expense		1,000
Bank loan payable, due 2024		16,500
Trading investments		20,500
Accumulated depreciationbuildings		18,000
Interest expense		1,500
Interest revenue		500

Additional information:

1.	Crane started the year with $29,000 of common shares and issued $4,200 more during the year.
2.	Crane must pay $1,500 of the bank loan payable next year in 2022.

Answer:

Part a (answered)

part b (answered)

part c?

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Prepare a statement of income for the year. CRANE CORPORATION Statement of Income For the Year Ended December 31, 2021 Net Income /(Loss) Service Revenue $ 215.400 Interest Revenue 500 Total Revenues TA 215900 Expenses Repairs and Maintenance Expense 2,800 i Depreciation Expense 6,200 i Insurance Expense 2,700 i Salaries Expense 120,800 i Supplies Expense 1,000 i Utilities Expense 2,000 i Operating Expense 39,400 Interest Expense 1500 i Total Expenses 176400 i Income Before Income Tax 39500 Income Tax Expense 6,000 i Net Income /(Loss) $ 33500 Prepare a statement of changes in equity for the year. (If an amount reduces the account balance then enter amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CRANE CORPORATION Statement of Changes in Equity For the Year Ended December 31, 2021 Common Shares Retained Earnings Total Equity , January 1 29,000 215,000 $ 244,000 Common Shares 4,200 i 4,200 ome /(Loss) 33,500 33,500 ds Declared 4,000 i 4,000 , December 31 33,200 244,500 277,700 Prepare a statement of financial position for the year. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.) CRANE CORPORATION Statement of Financial Position Assets $ A A > $