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Question 7these transactionsOn January 5, 2017, Crane Corporation received a charter granting the right to issue 4,800 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,300 shares of $10 par value common stock.
It then completedJan. 11Issued 20,400 shares of common stock at $16 per share.Feb. 1Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: equipment with a fair value of $52,700; a factory building with a fair value of $175,000; and land with an appraised value of $292,000.July 29Purchased 1,800 shares of common stock at $16 per share.
(Use cost method.)Aug. 10 Sold the 1,800 treasury shares at $13 per share.Dec. 31 Declared a $0.50 per share cash dividend on the common stock and declared the preferred dividend.Dec. 31 Closed the Income Summary account. There was a $190,000 net income.(a)enter 0 for the amounts. Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. $5,275.)DateAccount Titles and ExplanationDebitCreditFeb. 1Aug. 10Click if you would like to Show Work for this question: Open Show WorkMAR3