Current Attempt in Progress

Crane Electric sold $$3,050,000,12\%,10-$year bonds on January $1,2022.$ 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 $104.$

$($a$)$

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. $1,2022$

Premium on Bonds Payable $$