Declan's Designs Balance Sheet Declan's Designs Income Statement ASSETS Current Assets For the Year Ending 12/31/2022 12/31/2021 12/31/2022 Cash and Cash Equivalents Accounts Receivable, Net Merchandise Inventory Total Current Assets $90,000 97,000 400,000 587,000 $294,000 101,000 475,000 870,000 Sales Revenue $225,000 (16,000) 209,000 CGS Gross Margin SG&A Operating Income Interest Expense Loss on Sale of PPE (22,000) 187,000 (12,000) (5,000) 170,000 (7,000) $163,000 PPE, Net Goodwill, Net 62,000 600,000 $1,249,000 70,000 600,000 $1,540,000 Total Assets Pre-Tax Income LIABILITIES & SHAREHOLDERS' EQUITY Income Tax Expense Net Income Current Liabilities Accounts Payable Interest Payable Dividends Payable 26,000 3,000 20,000 49,000 17,000 5,000 10,000 32,000 Additional Information regarding Declan's Designs' 12/31/22 financials: Total Current Liabilities Mortgage Payable Long-Term Bank Loan Total Liabilities PROPERTY, PLANT & EQUIPMENT PPE is shown net accumulated depreciation. Accumulated depreciation was $18,000 at the beginning of the year and $20,000 at the end of the year. Depreciation expense for the year was $3,000, which is included in SG&A. New PPE was bought during the year for $22,000 (in cash). 500,000 500,000 200,000 732,000 549,000 Shareholder's Equity Preferred Stock Note: You may use the worksheet provided on the last page to help you prepare the Cash Flow Statement. 10,000 60,000 738,000 808,000 Common Stock Hint #1: The most recent year is not always in the left column. Additional Paid in Capital Retained Earnings Total Sharcholder's Equity 8,000 54,000 638,000 Hint #2: Evaluate changes in gross PPE separate from changes in accumulated depreciation. Recall gross PPE less accumulated depreciation equals net PPE. 700,000 Hint #3: Never "plug" the annual change in gross PPE. Separately evaluate the increase in gross PPE (capital expenditures) from the annual decrease in gross PPE (sale of PPE). Total Liabilities &Sharcholders' Equity $1,249,000 $1,540,000 Hint #4: The total change in cash due to stock issuances/repurchases is the sum of the change in common stock (stated par value) and additional paid in capital (APIC). Hint #5: Dividends declared (the decrease in RE) is not the same as dividends paid (the decrease in dividends payable). To find dividends paid, set up your dividends payable account with the beginning and ending balances from the balance sheet. Increase dividends paid by the amount of dividends declared. Then plug for the decrease in dividends payable (which represents dividends paid).

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On November 1, 2022, Crane Corp. adopted a stock option plan that granted options to key executives to purchase 49,800 common shares. The options were granted on January 2, 2023, and were exercisable two years after the date of grant if the grantee was still a company employee; the options expire six years from the date of grant. The option price was set at $37, and total compensation expense was estimated to be $522,000. Note that the calculation did not take forfeitures into account. On April 1, 2024, 3,900 options were terminated when some employees resigned from the company. The fair value of the shares at that date was $25. All of the remaining options were exercised during the year 2025: 34,900 on January 3 when the fair value was $47, and 11,000 on May 1 when the fair value was $53 a share. Assume that the entity follows ASPE and has chosen not to reflect forfeitures in its upfront estimate of compensation expense. (a) Prepare journal entries relating to the stock option plan…