The following information pertains to Crane Company. 1. Cash balance per bank, July

Following are the Journal entries of the give scenario.

July 31

Debit: Cash = $2,076

Credit: Account Receivable = $2,076

The transaction is processed to record the electronic fund transfer received by the bank.

July 31

Debit: Bank Services Charges = $41

Credit: Cash = $41

The Transaction is Processed to record the bank service charges.

$29.17

Explanation:

Calculation for how much would you be willing to pay for one share of the preferred stock

Using this formula

Amount willing to pay=Preferred stock annual dividend/Required rate of return on preferred stock

Let plug in the formula

Amount willing to pay=$3.50 per share/0.12

Amount willing to pay=$29.166

Amount willing to pay=$29.17 (Approximately)

Therefore how much would you be willing to pay for one share of the preferred stock is $29.17