Question

Your answer is partially correct. Try again. Crane Company had these transactions during the current period. pune 12 Issued 79,500 shares of $1 par value common stock for cash of $298,125. puly 11 issued 3,650 shares of $105 par value preferred stock for cash at $113 per share. Nov. 28 Purchased 3,200 shares of treasury stock for $8,800. Prepare a tabular summary to record the Crane Company transactions. (If a transaction causes a decrease in Assets, Liabilities parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets - Liabilities + Stockholders' Equity Paid-in-Capital Cash = Common PIC in Excess Stock PIC in Excess Treasury Stock of Par Com. * of Par Pref. Stock pune 22 J 298,125 T 79,500 218.623 July 11 T 412,4501 10,950 383,250 T 8.800 Nov. 28 T 8,800 Click if you would like to Show Work for this question: Open Show. Work SHOW LIST OF ACCOUNTS

Answer 1

Anser: Stockholders' Equity Liabilities Assets Paid-in Capital Common PIC in Excess PIC in Excess Treasury Pref. Stock of Par Com. + of Par Pref. Stock Cash Stock June 22 298,125 79,500 218,625 + 29,200 412,450 July 11 383,250 -8,800 -8,800 Nov 28 June 22: Common Stock 79,500 * $1 = $79,500 PIC in Excess of Par Com. $298,125 - $79,500 $218,625 July 11 Cash 3,650 $113 $412,450 Pref. Stock 3,650 * $105 $383,250 PIC in Excess of Par Com. 3,650 $8 = $29,200