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ccounting Cycle Review 15 a-e Crane Corporations trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described belovw Debit Credit $25,500 50,000 23,000 65,800 109,200 43,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par Common $460 35,000 12,000 19,200 6,400 40,000 30,000 6,000 Stock Preferred Stock ($20 par)Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Saies and Wages Expense 98,040 576,000 403,000 38,600 65,000 Total $823,100 $823,100 Unrecorded transactions and adjustments 1. On January 1, 2020, Crane issued 1,000 shares of $20 par, 6% preferred stock for $22,000 2. On January 1, 2020, Crane also issued 1,200 shares of common stock for $26,400 3. Crane reacquired 320 shares of its common stock on July 1, 2020, for $47 per share 4. On December 31, 2020, Crane declared the annual cash dividend on the preferred stock and a $1.30 per share dividend on the outstanding common stock, al payable on January 15, 2021 5. Crane estimates that uncollectible accounts receivable at year-end is $5,0006. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,200. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,300. 8. The unearned rent was collected on October 1, 2020. It was receipt of 4 months rent in advance (October 1, 2020 through January 31, 2021) 9, The 10% bonds payable pay interest every January 1, The interest for the 12 months ended December 31, 2020, has not been paid or recorded (Ignore income taxes.) Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit я. 2.4 7. 89. LINK TO TEXT LINK TO TEXT Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in part(a). CRANE CORPORATION Trial Balance Debit CreditPrepare a multiple-step income statement for the year ending December 31, 2020. (List other revenues before other expenses.) CRANE CORPORATION Income StatementLINK TO TEXT LINK TO TEXT Prepare a retained earnings statement for the year ending December 31, 2020. (List items that increase retained earning first.) CRANE CORPORATION Retained Earnings StatementLINK TO TEXT LINK TO TEXT Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Lar Buildings and Equipment. Enter account name only and do not provide descriptive information.) CRANE CORPORATION Balance Sheet AssetsLiabilities and Stockholders Equity

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Account Title & Explanation Debit 79 80 81 82 83 84 85 86 87 No. Credit 1 Cash Preferred Stock (1000 20) Paid In Capital in e4,800 8 Unearned Rent Revenue (6400/4*3) Rent Revenue 103 104 105 106 107 108 109 110 4,800 4000 9 Interest Expense (40000*10%) 4000 Interest Payable Crane Corporation Adjusted Trial Balance As on 31st December,2020 Debit Credit Particulars 112 113 114 115 116 58,860 50,000 23,000 65,800 109,200 43,000 118 119 120 121 122 123 124 125 126 127 Cash (25500+22000+26400-15040 Accounts Receivable Inventory land Building Equipment Allowance for Doubtful Accounts Accumulated Depreciation -Building Accumulated Depreciation -Equipment Accounts payable Interest Payable Dividend Payable Unearned Rent Revenue (6705-5560) Bonds Payable (10%) Common Stock ($10 Par) 5,460 38,500 15,870 19,200 4,000 6,244 1,600 40,000 42,000128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 Paid In Capital in excess of Par - Common Stock Preferred Stock ($20 Par) Paid In Capital in excess of Par - Preferred Stock Retained earnings Treasury Stock Cash Dividend Sales Revenue(328600+ 11640) Rent Revenue Bad Debts Expense Interest expense Cost of Goods Sold Depreciation Expense Other Operating expenses Salaries &Wages Expense Total 20,400 20,000 2,000 98,040 15,040 6,244 576,000 4,800 5,000 4,000 403,000 7,370 38,600 65,000 894,114 894,114

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