Exercise 11-2 Crane Company had these transactions during the current period Jun

Question

Exercise 11-2 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. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

12-Jun Cash 326250        Common Stock 87000        Paid-In Capital in Excess of Par—Common stock 239250 11-Jul Cash 299600        Preferred Stock 282800        Paid-In Capital in Excess of Par—Preferred stock 16800 Treasury stock 8250        Cash 8250

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