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Crane Company issued $500,000 of 5year,7% bonds at 98 on January 1, 2022. The bonds pay interest annually. (a1) Correct Answer (Used) Your answer is

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Crane Company issued $500,000 of 5year,7% bonds at 98 on January 1, 2022. The bonds pay interest annually. (a1) Correct Answer (Used) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount entered. Do not indent manually.) Compute the total cost of borrowing for these bonds. Total cost of borrowing

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