Crane Company issues $470,000 of 5-year, 4% bonds on January 1, 2021. Interest is paid annually.

Crane Company issues $470,000 of 5-year, 4% bonds on January 1, 2021. Interest is paid annually. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Assuming the market interest rate was 6% on the date of issue, record the issue of the bonds. (Credit account titles are automatically indented when the 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. For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 5,276.) Account Titles and Explanation Debit Credit Date Jan. 1, 2021 (To record issuance of bonds.) Prepare an effective interest amortization table for the bonds. (Round answers to 0 decimal places, e.g. 5,276.) CRANE COMPANY Bond Discount Amortization Table Effective-Interest MethodAnnual Interest Payments 4% Bonds Issued at market rate of 6% Interest Expense Discount Amortization Date Interest Payment Bond Amortizer Jan. 1, 2021 LA $ $ ta Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 Jan. 1, 2025 Jan. 1, 2026 Prepare the journal entries to record the first three interest payments. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest payment.) (To record interest payment.) (To record interest payment.) Assuming Crane has an October 31 year end, record the adjusting entry for interest on October 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Oct. 31, 2021 (To accrue interest expense.) List of Accounts