Reference no: EM132811787
Question - Crane Corporation showed the following information on its financial statements on December 31, 2021:
Preferred Shares, no par value $8 cumulative, 420,000 shares authorized, 210,000 shares issued and outstanding $37,800,000
Common Shares, no par value, unlimited shares authorized, 450,000 shares issued and outstanding $13,950,000
The following transactions occurred, in the order given, during 2022:
(a) April 15: Received subscriptions and down payments for 136,000 common shares at $40 per share. The subscription contracts call for 75% of the subscription price to be paid upon receipt, and the remaining 25% to be paid on June 30. In the event of default on the subscriptions, the company will retain the down payment.
(b) May 1: Issued 120,000 preferred shares at $220 per share.
(c) June 30: Received payment for 109,000 of the subscribed common shares; the remaining 27,000 defaulted. Issued the share certificates for the appropriate number of shares.
(d) August 5: Repurchased and cancelled 31,000 common shares at a cost of $23 per share.
(e) September 15: Declared dividends for preferred shares (dividends had not been paid the previous year). Also declared $1.80 per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1.
(f) If the preferred shares had a $180 par value, what would be the journal entry for the May 1 issuance of preferred shares in part (b)?
Required - Prepare the journal entries to record the above transactions for Crane Corporation for 2022.
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