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On January 1, 2017, Crane Corporation issued $670,000 of 9% bonds, due in 10 years....

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Accounting

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On January 1, 2017, Crane Corporation issued $670,000 of 9% bonds, due in 10 years. The bonds were issued for $628,252, and pay interest each July 1 and January 1, Crane uses the effective Interest method. Prepare the company's journal entries for (a) the January 1 Issuance, (b) the July 1 Interest payment, and (c) the December 31 adjusting entry Assume an effective interest rate of 10% (Round Intermediate calculations to 6 decimal places, .g. 1.251247 and final answer to decimal places, .g. 38,548. Ir no entry is required, select "Ne Entry for the accounts and enter for the amounts, Credit account titles are automatically Indented when amount is entered. Do not Indont manually.) Account Titles and Explanation No. Date (a) Jan 1, 2017 (

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