Problem 15-1 On January 5, 2017, Crane Corporation received a charter granting the right to issue 5,400...

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Accounting

Problem 15-1
On January 5, 2017, Crane Corporation received a chartergranting the right to issue 5,400 shares of $100 par value, 7%cumulative and nonparticipating preferred stock, and 46,800 sharesof $10 par value common stock. It then completed thesetransactions.
Jan. 11 Issued 19,700 shares of common stock at $16 per share.
Feb. 1 Issued to Sanchez Corp. 3,800 shares of preferred stock for thefollowing assets: equipment with a fair value of $46,000; a factorybuilding with a fair value of $160,000; and land with an appraisedvalue of $247,000.
July 29 Purchased 1,700 shares of common stock at $16 per share. (Usecost method.)
Aug. 10 Sold the 1,700 treasury shares at $15 per share.
Dec. 31 Declared a $0.40 per share cash dividend on the common stockand declared the preferred dividend.
Dec. 31 Closed the Income Summary account. There was a $168,200 netincome.
Prepare the stockholders’ equity section of Crane Corporation’sbalance sheet as of December 31, 2017. (Enter accountname only and do not provide descriptiveinformation.)

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Stockholders equity section of Crane corporation Particulars Amount Amount Capital stock Preferred stock 100 380000 Common stock 1970010 197000 total capital stock 577000 Additional paid in capital paid in See Answer

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Jan. 11		Issued 19,700 shares of common stock at $16 per share.
Feb. 1		Issued to Sanchez Corp. 3,800 shares of preferred stock for thefollowing assets: equipment with a fair value of $46,000; a factorybuilding with a fair value of $160,000; and land with an appraisedvalue of $247,000.
July 29		Purchased 1,700 shares of common stock at $16 per share. (Usecost method.)
Aug. 10		Sold the 1,700 treasury shares at $15 per share.
Dec. 31		Declared a $0.40 per share cash dividend on the common stockand declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $168,200 netincome.