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Presented below is the balance sheet of Crane Corporation for the current year, $2025.$

Crane Corporation Balance Sheet

December $31,2025$

Current assets

Investments

Property, plant, and equipment

$$489,420$

$644,420$

$1,724,420$

Intangible assets

Current liabilities

Long$-$term liabilities

Stockholders' equity

$305,000$

$$3,163,260$

The following information is presented.

The current assets section includes cash $$154,420,$ accounts receivable $$174,420$ less $$14,420$ for allowance for doubtful accounts, inventories $$184,420,$ and unearned rent revenue $$9,420.$ Inventory is stated on the lower$-$of$-$FIFO$-$cost$-$or$-$net realizable value.

The investments section includes the cash surrender value of a life insurance contract $$44,420$; investments in common stock, short$-$term $$84,420$ and long$-$term $$274,420$; and bond sinking fund $$241,160.$ The cost and fair value of investments in common stock are the same.

Property, plant, and equipment includes buildings $$1,044,420$ less accumulated depreciation $$364,420,$ equipment $$454,420$ less accumulated depreciation $$184,420,$ land $$504,420,$ and land held for future use $$270,000.$

Intangible assets include a franchise $$169,420,$ goodwill $$104,420,$ and discount on bonds payable $$31,160.$

Current liabilities include accounts payable $$144,420,$ notes payable$-$short$-$term $$84,420$ and long$-$term $$124,420,$ and income taxes payable $$31,160.$

Long$-$term liabilities are composed solely of $7\%$ bonds payable due $2033.$

Stockholders' equity has preferred stock, no par value, authorized $200,000$ shares, issued $70,000$ shares for $$420,000$; and common stock, $$1$ par value, authorized $400,000$ shares, issued $100,000$ shares at an average price of $$10.$ In addition, the corporation has retained earnings of $$354,420.$

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