Crane Electric sold $$7,560,000,10\%,10-$year bonds on January $1,2022.$ The bonds were dated January $1,2022,$ and paid interest annually on January $1.$ The bonds were sold at $98.$

$($a$)$

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Prepare the journal entry to record the issuance of the bonds on January $1,2022.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Jan. $1,2022$

Cash

$6115200$

Discount on Bonds Payable

Bonds Payable

Attempts: $1$ of $1$ used

$($b$)$

At December $31,2022,$ $$15,120$ of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long$-$term liability at December $31,2022.($Enter account name only and do not provide descriptive information.$)$

Crane Electric

Balance Sheet $($Partial$)$