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Crane Company issued $500,000 of 5-year, 7% bonds at 98 on January 1, 2022. The bonds pay interest annually. Prepare the journal entry to record

Crane Company issued $500,000 of 5-year, 7% bonds at 98 on January 1, 2022. The bonds pay interest annually. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amo entered. Do not indent manually.) Total cost of borrowing

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