On December 31, 2021, Crane Company had 1,370,000 shares of $6 par common stock issued and outstanding.
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On December 31, 2021, Crane Company had 1,370,000 shares of $6 par common stock issued and outstanding. At December 31, 2021 stockholders’ equity had the amounts listed here.
Common Stock | $8,220,000 | |
Additional Paid-in Capital | 1,890,000 | |
Retained Earnings | 1,120,000 |
Transactions during 2022 and other information related to stockholders’ equity accounts were as follows.
1. | On January 10, issued at $107 per share 112,000 shares of $103 par value, 9% cumulative preferred stock. | |
2. | On February 8, reacquired 16,700 shares of its common stock for $10 per share. | |
3. | On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. | |
4. | On June 8, declared a cash dividend of $1.00 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1. | |
5. | Net income for the year was $3,515,000. |
Prepare the stockholders’ equity section of Crane balance sheet at December 31, 2022.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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