Exercise 10-23 Crane Company issued $355,000, 896, 10-year bonds on January 1, 2017, for $407,256. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. Crane uses the effective-interest method to amortize bond premium or discount. Prepare the schedule using effective-interest method to amortize bond premium or discount of Crane Company. (Round answers to 0 decimal places, e.g. 125.) Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value Issue date s 2 Prepare the journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017