Before preparing financial statements for the current year, the chief accountant for Crane Ltd. provided the following information regarding the accounting for dividends and stock splits: 1. Crane has 24,400,$4 noncumulative preferred shares issued. It paid the preferred shareholders the quarterly dividend, and recorded it as a debit to Dividends Expense and a credit to Cash. credit to Preferred Shares of $1,708,000. No. Date 1. Dec. 31 2. Dec. 31 3. Dec. 31 Account Titles Debit Credit Before preparing financial statements for the current year, the chief accountant for Crane Ltd. provided the following information regarding the accounting for dividends and stock splits: 1. Crane has 24,400,$4 noncumulative preferred shares issued. It paid the preferred shareholders the quarterly dividend, and recorded it as a debit to Dividends Expense and a credit to Cash. credit to Preferred Shares of $1,708,000. No. Date 1. Dec. 31 2. Dec. 31 3. Dec. 31 Account Titles Debit Credit