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Crane Company sells 9% bonds having a maturity value of $2,040,000 for $1,819,395. The bonds are dated January 1, 2020, and mature January 1, 2025.

Crane Company sells 9% bonds having a maturity value of $2,040,000 for $1,819,395. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortization under the straight-line method.

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