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Exercise 8-13 Crane Company had these transactions during the current period. June 12 Issued 79,500 shares...

Exercise 8-13

Crane Company had these transactions during the current period.

June 12 Issued 79,500 shares of $1 par value common stock for cash of $298,125.
July 11 Issued 3,650 shares of $105 par value preferred stock for cash at $113 per share.
Nov. 28 Purchased 3,200 shares of treasury stock for $8,800.


Prepare a tabular summary to record the Crane Company transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets

 =

Liabilities

 +

Stockholders’ Equity
Paid-in-Capital Retained Earnings
Cash = + Common Stock + PIC in Excess of Par Com. + Pref. Stock + PIC in Excess of Par Pref. Treasury Stock +

Revenue

 - Expense - Dividend
June 22 $ $ $ $ $ $ $ $ $ $
July 11
Nov. 28
Business   Accounting   
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Answer #1
Assets Liabilities + Stockholders' Equity
Paid-in Capital Retained earnings
Cash Common Stock + PIC in Excess of Par Com. + Pref. Stock + PIC in excess of par Pref. + Treasury Stock Revenue (-) Expense (-) Dividend
June 12 $ 298,125 $ 79,500 $ 218,625
( $ 298,125 (-) $ 79,500 )
July 11 $ 412,450
( 3,650 x $ 113 )		 $ 383,250
( 3,650 x $ 105 )		 $ 29,200
Nov. 28 ($ 8,800) ($ 8,800)
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