On January 1, 2020, Crane Company issued $3500000, 10-year, 4% bonds at 102. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2020 is Cash 3500000 Bonds Payable 3500000 Cash 3570000 Bonds Payable 3570000 Cash 3570000 Bonds Payable 3500000 70000 Premium on Bonds Payable 70000 Premium on Bonds Payable Cash 3500000 Bonds Payable 3570000