Crane Company sold $7,400,000, 8%, 15-year bonds on January 1, 2027. The bonds were dated January 1, 2027, and pay interest each December 31. The bonds were sold at 98. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2027. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) (b) Date Account Titles and Explanation Jan. 1 Cash Discount on Bonds Payable Bonds Payable eTextbook and Media List of Accounts Your answer is partially correct. Debit 7252000 148000 Credit 7400000 Attempts: 1 of 4 used At December 31, 2027, $3,400 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2027. Total Liabilities Bonds Payable Less : Discount on Bonds Payable eTextbook and Media CRANE COMPANY Balance Sheet (Partial) December 31, 2027 7400000 9867