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How to compute journal entries and the stockholders equity

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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.

Reference no: EM132555652

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