January $1,2022,$ Crane Company issued $$268,000,7\%,5-$year bonds at face value. Interest is payable annually on January $1.$

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Prepare the journal entry to record the issuance of the bonds. $($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

Bonds Payable

Attempts: $1$ of $1$ used

$($b$)$

Prepare the journal entry to record the accrual of interest on December $31,2022.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

Dec. $31,$

$2022$