Exercise 813 Your answer is incorrect Try again Crane Compan

Exercise 8-13 Your answer is incorrect. Try again. Crane Company had these transactions during the current period. une 12 Issued 89,500 shares of $1 par value common stock for cash of $335,62s. uly 11 Issued 3,500 shares of $104 par value preferred stock for cash at s111 per share. Nov. 28 Purchased 1,900 shares of treasury stock for $8,3s0. Prepare a tabular summary to record the Crane Company transactions. (tf a transaction causes (If a transaction causes a decrease in Assets, Liabilitles or Stockholders\' Equty, place a negative sign (or parentheses) In front of the amount entered for the particular Asset, Liability or Equity ltem that was reduced.) AssetsLiabilities+ Paid-in-Capital PIC in Excess Of Par Corn. PIC in Excess of Par Pref. Cash + Cemmon Stock+ Pref. Stock Treasury Stock+ + + Stock +RevenueExpenseDividend Revenue June 22 July 11 Nov. 28

Solution

Note:- Treasury stock are deducted from the \"Total Stockholder\'s equity\"

Assets

=

Libailities

Stockholder\'s equity

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

335625

89500

246125

july 11

388500

364000

24500

Nov 28

(8350)

(8350)