Crane Corporation began operations on January 2. Its year end is December 31, and it...
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Crane Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow: On February 2, purchased a $20,400, one-year insurance policy for cash. The policy came into effect on that date. On March 15 , Crane sold $78,360 in annual subscriptions for cash, with service to begin on April 1. Purchased a delivery drone for $128,000 on July 1 . Crane paid $34,000 in cash and signed a $94,000 bank loan for the balance. The drone is estimated to have a useful life of four years and the company uses straight-line depreciation. The bank loan has an interest rate of 5%. On November 1, the company
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