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Crane Corporation issued 3,200, 6%, 5-year, $ 1,000 bonds dated January 1, 2022, at 100. Interest is paid each January 1.

Crane Corporation issued 3,200, 6%, 5-year, $ 1,000 bonds dated January 1, 2022, at 100. Interest is paid each January 1.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer the following question. This is one question with multiple parts please answer each part correctly
Crane Corporation issued 3,200, 6%, 5-year, $ 1,000 bonds dated January 1, 2022, at 100. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manualy.) Date Account Titles and Explanation Debit Credit Janaury 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2022 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) Prepare the journal entry on January 1, 2023, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2023
Transcribed Image Text:Crane Corporation issued 3,200, 6%, 5-year, $ 1,000 bonds dated January 1, 2022, at 100. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manualy.) Date Account Titles and Explanation Debit Credit Janaury 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2022 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (c) Prepare the journal entry on January 1, 2023, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2023
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