On July 1, 2021, Crane Satellites Corporation issued $1,100,000 of 10-year, 9% bonds to yield a market interest rate of 8%. The bonds pay semi-annual interest on July 1 and January 1. Crane has a December 31 year end and records adjusting entries annually. Crane received $1,174,750 when issuing the bonds. Click here to view the factor table.

Prepare an amortization table through January 1, 2023 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.)

CRANE SATELLITES CORPORATION Bond Premium Amortization
Semi-annual interest periods	Interest to be paid	Interest Expense to be Recorded	Premium Amortization	Unamortized Premium	Bond Carrying Amount
July 1/21				$enter a dollar amount rounded to the nearest whole	$enter a dollar amount rounded to the nearest whole
Jan. 1/22	$enter a dollar amount rounded to the nearest whole	$enter a dollar amount rounded to the nearest whole	$enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole
July 1/22	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole
Jan. 1/23	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole	enter a dollar amount rounded to the nearest whole

List of Accounts

Record the issue of the bonds on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round all amounts to the nearest dollar, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
2021
July 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

List of Accounts

Prepare the adjusting entry on December 31, 2021, to accrue the interest on the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round all amounts to the nearest dollar, e.g. 5,272.)

Date	Account Titles and Explanation	Debit	Credit
2021
Dec. 31	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount

List of Accounts