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Crane Electric sold $5,310,000, 13%, 10-year bonds on January 1, 2020. The bonds...

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Accounting

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Crane Electric sold $5,310,000, 13%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 95. On January 1, 2022, when the carrying value of the bonds was $5,060,100, the company redeemed the bonds at 105. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Bonds Payable Loss on Bond Redemption Cash Discount on Bonds Payable

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