s declare
Crane Ltd. began operations on January 2, 2024. During the year, the following transactions affected shareholders' equity:
1. Crane's articles of incorporation authorize the issuance of 2.5 million common shares and the issuance of 253,000
2. A total of 303,000 common shares were issued for $6 a share,
3.
A total of 35,000 preferred shares were issued for $10 per share.
4. The full annual dividend on the preferred shares was declared.
5. The dividend on the preferred shares was paid.
6. A dividend of $0.12 per share was declared on the common shares but was not yet paid.
7. The company had net income of $170,000 for the year. (Assume sales of $500,000 and total operating expenses of $330,000.)
8. The dividends on the common shares were paid.
9. The closing entry for the Dividends Declared account was prepared.
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