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Crane Corporation issued $370,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually...

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Accounting

Crane Corporation issued $370,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Period Apr.1, 2023 Oct. 1, 2023 Apr. 1, 2024 Oct. 1, 2024 Apr. 1, 2025 Oct. 1, 2025 Apr. 1, 2026 Interest Payment $7,400 7,400 7,400 7,400 7,400 7,400 Interest Expense $5,806 5,782 5,758 5,733 5,708 5,683 Amortization $1,594 1,618 1,642 1,667 1,692 1,717 Carrying Amount of Bonds $387,061 385,467 383,849 382,207 380,540 378,848 377,131 r D-
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Crane Corporation issued $370,000 of 5 -year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Prepare the journal entry for the payment of interest on April 1, 2024. Assume no reversing entries have been used. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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