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Presented below is information related to Crane Company. 1. On July 6, Crane Company acquired...

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Accounting

imageimage Presented below is information related to Crane Company. 1. On July 6, Crane Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Crane Company gave 12,000 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Crane Company expended the following amounts in cash between July 6 and December 15 , the date when it first occupied the building. 3. On December 20, the company paid cash for equipment, $130,000, subject to a 2% cash discount, and freight on equipment of $5,250. 3. On December 20, the company paid cash for equipment, $130,000, subject to a 2% cash discount, and freight on equipment of $5,250 Prepare entries on the books of Crane Company for these transactions. (Do not round intermediate calculations and final answers to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

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