On January $1,2024,$ Crane Corporation had retained earnings of $$630,000.$ During the year, Crane had the following selected

transactions:

Declared and paid cash dividends, $$245,000.$

Earned profit before income tax, $$850,000.$

Corrected a prior period error of $$87,000,$ before income tax, which resulted in an understatement of profit in $2023.$

Reacquired $23,000$ common shares for $$53,000$ more than the original issue price. This was the first time the company had

ever reacquired its own shares.

Completed a $3-$for$-1$ stock split of the common shares.

Crane has a $25\%$ income tax rate and reports under ASPE.

Prepare a statement of retained earnings for the year ended December $31,2024.($List items that increase adjusted retained earnings first.$)$

CRANE CORPORATION

Statement of Retained Earnings

$