On January 1, 2022, Crane Industries Inc. issued a $85,000,6% bond due in 10 years with interest payable each January 1 and July 1. The effective interest rate is 7%. Click here to view factor tables. (b) Your answer is partially correct. Assuming instead that the effective interest rate is 5%, determine the discount or premium on the bond. (For calculation purposes, round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Premium on the bond $ | Prepare the journal entry for the bond issue. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit