Crane Corporation sold 150 convertible, 10-year bonds at par for $150,000. Each bond pays 4% annual...

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Crane Corporation sold 150 convertible, 10-year bonds at par for $150,000. Each bond pays 4% annual interest and each bond can be converted to ten common shares at the bondholder's request. When the bonds were issued common shares were trading for $10 per share. The market rate of interest for similar bonds without conversion rights was 6%. Prepare the journal entry to record the issuance of the bonds. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 58,971. Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit Cash Bonds Payable Contributed Surplus-Conversion Rights Crane Corporation sold 150 convertible, 10-year bonds at par for $150,000. Each bond pays 4% annual interest and each bond can be converted to ten common shares at the bondholder's request. When the bonds were issued common shares were trading for $10 per share. The market rate of interest for similar bonds without conversion rights was 6%. Prepare the journal entry to record the issuance of the bonds. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 58,971. Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit Cash Bonds Payable Contributed Surplus-Conversion Rights