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Crane Company sold $5,775,000,7%,15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on December 31. The bonds were

Crane Company sold $5,775,000,7%,15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on December 31. The bonds were sold at97.

(a)

Prepare the journal entry to record the issuance of the bonds on January 1, 2017.

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