Exercise 8-7 On January 1, Crane Company issued $420,000, 8%, 20-year bonds at face value. Interest is payable annually on January 1. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31. (c) The payment of interest on Jenuary 1. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Cash Bonds Pay.+Interest Pay. Common Revenue ExpenseDividend Stock (a) Jan.1 (b) Dec. 31 (e) Jan. 1 Interest expense