Crane Corporation issued a 4-year, $54,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $38,583. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 15%. Prepare Cranes journal entries for (a) the January 1 issuance and (b) the December 31 interest.

lin Date Account Titles and Explanation Debit Credit (a) January 1, 2017 (b) December 31, 2017