Crane Electric sold 3,050.000, 12%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1.Crane Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 104. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 2020 Cast Bonds Payable I Prepare a bond premium amortization schedule for the first 4 interest periods. (A) Interest to Be Paid (10% 3,00,000) (B) Interest Expense to Be Recorded (A)-(C) (C) Premium Amortization (120,000-10%) (D) Bond Carrying Value Prepare the journal entries for interest and the amortization of the premium in 2020 and 2021. (Credit account itere automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit Show the statement of financial position presentation of the bond liability at December 31, 2021. (Enter account name only and do not provide descriptive information) Crane Electric Statement of Financial Position (Partial) V v