Reference no: EM132555652
On December 31, 2021, Crane Company had 1,255,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here.
Common Stock $8,785,000
Additional Paid-in Capital 1,815,000
Retained Earnings 1,260,000
Question 1: How to compute journal entries & the stockholders' equity for balance sheet Dec 31, 2022.
January 10, issued at $105 per share 111,000 shares of $103 par value, 7% cumulative preferred stock.
February 8, reacquired 16,900 shares of its common stock for $15 per share.
May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31.
June 8, declared a cash dividend of $1.85 per share on the common stock outstanding, payable
July 10, to stockholders of record on July 1.5.Net income for 2022 was $3,668,000.