Business, 01.04.2020 21:34 ItzNayaa

Crane Company had these transactions during the current period. June 12 Issued 87,000 shares of $1 par value common stock for cash of $326,250. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 3,450 shares of treasury stock for $8,250. Prepare the journal entries for the Crane Company transactions shown above.

Answers: 2

Show answers

Answers

Answer from: pr47723

See the explanation below:

Explanation:

Crane Company

Date Details DR ($) CR ($)

June 12: Cash 326,250

Common stock 87,000

Share Premium - Common stock (1) 239,250

Being the issue of common stock at a premium.

June 11: Cash 299,600

Preferred stock (2) 282,800

Share premium - Preferred stock (3) 16,800

Being the issue of preferred stock at a premium.

Nov. 28 Treasury stock 3,450

Common stock (4) 4,800

Cash 8,250

Being a purchase of treasury stock at more than per value.

Note:

(1) Share Premium - Common stock = 326,250 - 87,000 = 239,250

(2) Preferred stock =2,800 * $101 = 282,800

(3) Share premium - Preferred stock = (107 - 101) * 2,800 = 16,800

(4) Common stock = 8,250 - 3450 = 4,800 when the par value method is used instead of cash method.

Crane Company had these transactions during the current period. June 12 Issued 87,000 shares of $1 p

Answer from: Quest

Ithink the answer is b

Answer from: Quest

The answer is passage 1.

Another question on Business

Business, 22.06.2019 08:10

Exercise 15-7 crawford corporation incurred the following transactions. 1. purchased raw materials on account $53,000. 2. raw materials of $45,200 were requisitioned to the factory. an analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. manufacturing overhead costs incurred on account were $81,700. 6. depreciation on the company’s office building was $8,100. 7. manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. goods costing $89,400 were completed and transferred to finished goods. 9. finished goods costing $76,000 to manufacture were sold on account for $105,100. journalize the transactions. (credit account titles are automatically indented when amount is entered. do not indent manually.) no. account titles and explanation debit credit (1) (2) (3) (4) (5) (6) (7) (8) (9) (to record the sale) (to record the cost of the sale) click if you would like to show work for this question: open show work

Answers: 1

Answer

Business, 22.06.2019 17:30

According to management education expert ashok rao, companies can increase their profitability by through careful inventory management. a. 5% to 10% b. 10% to 25% c. 20% to 50% d. 75%

Answers: 1

Answer

Business, 23.06.2019 02:30

Tara and her parents want to save at least $40,000 for college in 8 years. which statement describes the most effective savings plan for tara and her parents to meet their goal? tara and her parents should make deposits of $300 every month into a college savings account. tara and her parents should make deposits of $450 every month into a college savings account. tara and her parents should make deposits of $3,000 every year into a college savings account. tara and her parents should make deposits of $4,000 every year into a college savings account

Answers: 1

Answer

Business, 23.06.2019 03:00

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.

Answers: 2

Answer

You know the right answer?

Crane Company had these transactions during the current period. June 12 Issued 87,000 shares of $1 p...

Questions