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.)
