On January 1, 2025, Crane Corporation issued $520,000 of 7% bonds, due in 10 years. The...

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On January 1, 2025, Crane Corporation issued $520,000 of 7% bonds, due in 10 years. The bonds were issued for $484,665, and pay interest each July 1 and January 1. Crane uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List all debit entries before credit entries.) On January 1, 2025, Crane Corporation issued $520,000 of 7% bonds, due in 10 years. The bonds were issued for $484,665, and pay interest each July 1 and January 1. Crane uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List all debit entries before credit entries.)