On January 1, 2020, Crane Company purchased 8% bonds having a maturity value of $440,000, for $477,069.47. The bonds provide the bondholders with a 6% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Crane Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. (a) Your answer is correct. Prepare the journal entry at the date of the bond purchase. (Enter answers to 2 decimal places, eg. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Jan. 1, 2020 Debt Investments Cash Debit Credit 477,069.47 477,069 47 Date Cash Received 1/1/20 $ Schedule of Interest Revenue and Bond Premium Amortization Effective-Interest Method Interest Revenue Premium Amortized 1/1/21 35.200 28,624.17 6.576 1/1/22 35,200 28.229.62 6,970 1/1/23 35,200 27.81100 7,389 1/1/24 35,2001 27.36806 7.832 1/1/25 35,200 26.898.14 8.302 Prepare the journal entry to record the Interest revenue and the amortization at December 31, 2020. (Round answers to 2 decimal places, eg. 2.525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Dec. 31, Account Titles and Explanation Debit Credit 2020