Exercise 8-13 Your answer is incorrect. Try again. Crane Company had these trans

Question

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

Explanation / Answer

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)

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