Problem: On January 1, 2020, Crane Company issued $595,000, 14%, 10-year bonds at face value. Interest is payable annually on January 1.
A) Prepare the journal entry to record the issuance of the bonds.
B) Prepare the journal entry to record the accrual of interest on December 31, 2020.
C) Prepare the journal entry to record the payment of interest on January 1, 2021.
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