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The following section is taken from Crane's balance sheet at December 31, 2024. Interest is...

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Accounting

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The following section is taken from Crane's balance sheet at December 31, 2024. Interest is payable annually on January 1 . The bonds are callable on any annual interest date. (a) Journalize the payment of the bond interest on January 1,2025. (b) Assume that on January 1,2025, after paying interest, Crane calls bonds having a face value of $160,000. The call price is 107. Record the redemption of the bonds. (c) Prepare the adjusting entry on December 31,2025 , to accrue the interest on the remaining bonds. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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