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At January 1, 2017, Crane Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $63,600,000 53,350,000 97,400,000 150,600,000 23,900,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2017, the following selected transactions occurred: Purchased land for $4.70 million. Paid $1.175 million cash and issued a 3-year, 6% note payable for the Apr. 1 balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $220,000 cash. The equipment cost $4.08 million when originally purchased on January 1, 2009. June 1 Sold land for $4.98 million. Received $870,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.60 million when purchased on June 1, 2011. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.20 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Labe or Stockholders' Prepare a tabela summary that includes the property, plant, and equipment balances as of January 1, 2017. (If a transaction cause a the particular Asset, Laby or Equity item that was reduced.) Q Search Assets Retained Earnings - Expense - Notes Payable + Common Stock + Revenue Dividend Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr.- Bldgs. + Equipment - Accum. Depr.- Equip. Interest Payable + jan. 1 Record the above transactions in the tabula summary from part(a) Ir a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sion (or par reduced.) Assets antheses) in front of the amount entered for the particular Asset, Liability or Equity item that was lities Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Notes Rec. + Interest Rec. + Land + Buildings Accum. Depr.- Bidgs. . Equipment - Accum. Depr.- Equip. Interest Payable + Notes Payable + Common Stock + Dividend Jan. 1 May 1 May 1 June 1 My1 Dec. 31 Dec 31 Record any adjustments required at December 31. (ir a transaction caus Assets in les or Stockholders' quiry place a negative sig for parentheses) in front t of the amount entered for the particular Asset Liability or Equity item that was reduced.) Stockholders. Equity Retained Earnings Revenue - Expense - Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr.- Bldgs. + Equipment - Accum. Depr. -Equip. = Interest Payable + Notes Payable. Common Stock + Dividend Jan. 15 Apr. 1 . . - 3 X . X . X - X - Dec. 31 repare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, plant and Equipment in order of Land, Buildings and Prepare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, plant and Equipment in order of Land, Buildings and Equipment.) CRANE COMPANY Statement of Financial Position (Partial) At January 1, 2017, Crane Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $63,600,000 53,350,000 97,400,000 150,600,000 23,900,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2017, the following selected transactions occurred: Purchased land for $4.70 million. Paid $1.175 million cash and issued a 3-year, 6% note payable for the Apr. 1 balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $220,000 cash. The equipment cost $4.08 million when originally purchased on January 1, 2009. June 1 Sold land for $4.98 million. Received $870,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.60 million when purchased on June 1, 2011. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.20 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Labe or Stockholders' Prepare a tabela summary that includes the property, plant, and equipment balances as of January 1, 2017. (If a transaction cause a the particular Asset, Laby or Equity item that was reduced.) Q Search Assets Retained Earnings - Expense - Notes Payable + Common Stock + Revenue Dividend Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr.- Bldgs. + Equipment - Accum. Depr.- Equip. Interest Payable + jan. 1 Record the above transactions in the tabula summary from part(a) Ir a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sion (or par reduced.) Assets antheses) in front of the amount entered for the particular Asset, Liability or Equity item that was lities Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Notes Rec. + Interest Rec. + Land + Buildings Accum. Depr.- Bidgs. . Equipment - Accum. Depr.- Equip. Interest Payable + Notes Payable + Common Stock + Dividend Jan. 1 May 1 May 1 June 1 My1 Dec. 31 Dec 31 Record any adjustments required at December 31. (ir a transaction caus Assets in les or Stockholders' quiry place a negative sig for parentheses) in front t of the amount entered for the particular Asset Liability or Equity item that was reduced.) Stockholders. Equity Retained Earnings Revenue - Expense - Cash + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr.- Bldgs. + Equipment - Accum. Depr. -Equip. = Interest Payable + Notes Payable. Common Stock + Dividend Jan. 15 Apr. 1 . . - 3 X . X . X - X - Dec. 31 repare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, plant and Equipment in order of Land, Buildings and Prepare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, plant and Equipment in order of Land, Buildings and Equipment.) CRANE COMPANY Statement of Financial Position (Partial)

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