In: Accounting
Crane Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021:
Accumulated other comprehensive income (loss) | $ (25,000 | ) | |
Contributed surplus—reacquisition of common shares | 564,000 | ||
Retained earnings | 1,580,000 | ||
Common shares (32,000 shares) | 736,000 |
Crane had the following transactions and events during 2021:
Feb. 2 | Repurchased 900 shares for $44,100. | |
Apr. 17 | Declared and paid cash dividends of $80,000. | |
Oct. 29 | Issued 2,300 shares for $92,000 cash. | |
Dec. 31 | Reported comprehensive income of $384,000, which included other comprehensive income of $30,000. |
Partially correct answer iconYour answer is partially correct.
Prepare journal entries to record the transactions that took
place during 2021. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Record journal entries
in the order presented in the problem.)
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
Feb. 2 |
enter an account title to record reacquisition of common shares on February 2 |
enter a debit amount |
enter a credit amount |
enter an account title to record reacquisition of common shares on February 2 |
enter a debit amount |
enter a credit amount |
|
enter an account title to record reacquisition of common shares on February 2 |
enter a debit amount |
enter a credit amount |
|
(To record reacquisition of common shares.) |
|||
choose a transaction date Feb. 2Apr. 17Oct. 29 |
enter an account title to record the declaration and payment of a cash dividend |
enter a debit amount |
enter a credit amount |
enter an account title to record the declaration and payment of a cash dividend |
enter a debit amount |
enter a credit amount |
|
(Declared and paid a cash dividend.) | |||
choose a transaction date Feb. 2Apr. 17Oct. 29 |
enter an account title to record the issuance of common shares for cash |
enter a debit amount |
enter a credit amount |
enter an account title to record the issuance of common shares for cash |
enter a debit amount |
enter a credit amount |
|
(Issued common shares for cash.) |
List of Accounts
Partially correct answer iconYour answer is partially correct.
Prepare a statement of changes in shareholders’ equity at December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
CRANE CORPORATION Statement of Changes in Shareholders’ Equity choose the accounting period December 31, 2021Year ended December 31, 2021Month ended December 31, 2021 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Common Shares |
Contributed Surplus– Reacquisition of Common Shares |
Retained Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total | ||||||
Balance, January 1 |
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||||
Issued for cash |
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||
Reacquired shares |
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||
Dividends |
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||
Comprehensive income |
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||
Balance, December 31 |
$enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount |