On January 1, 2020, Crawford Corporation issued five-year, 4% bonds payable with a face value of $2,300,000. The bonds were issued at 85 and pay interest on January 1 and July 1. Crawford amortizes bond discounts using the straight-line method. On December 31, 2022, Crawford retired the bonds early by purchasing them at a market price of 90. The company's fiscal year ends on December 31. Read the requirements. Requirement 1 Journalize the issuance of the bonds on lanuary 1 2020 (Record debits first then credits. Exclude Requirements - 1. Journalize the issuance of the bonds on January 1, 2020. 2. Record the semiannual interest payment and amortization of bond discount on July 1, 2020. 3. Record the interest accrual and discount amortization on December 31, 2020. 4. Calculate the carrying value of the bonds payable on December 31, 2022, prior to their retirement. 5. Calculate the gain or loss on the retirement of the bonds payable on December 31, 2022. Indicate where this gain or loss will appear in the financial statements. Print Done eck answer Requirement 1. Journalize the issuance of the bonds on January 1, 2020. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2020 Jan 1 Journal Entry Accounts Debit Credit