Crane Company issued $630,000, 6%, 20-year bonds on January 1, 2022, at 102. Interest is payable annually on January 1. Crane uses straight-line amortization for bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2022 cash Bonds Payable Premium on Bonds Payable Debit 642600 Credit 630000 12600