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Crane Company issues $3.30 million, 10-year, 9% bonds at 96, with interest payable on December 31. The straight-line method is used to amortize bond discount.

Crane Company issues $3.30 million, 10-year, 9% bonds at 96, with interest payable on December 31. The straight-line method is used to amortize bond discount. part (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017.

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