On March 1, 2020, Crane Company sold goods to Larkspur Inc. for $606,000 in exchange for a five-year, zero-interest-bearing note in the face amount of $1,021,145. The goods have an inventory cost on Crane's books of $434,000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Determine the effective interest rate imputed in the note using Excel or a financial calculator. Effective interest rate % e Textbook and Media List of Accounts Prepare the journal entries for Crane on March 1, 2020. (Credit account titles are automatically indented when the 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 Debit Credit March 1, 2020 (To record sales) March 1, 2020 (To record cost of goods sold) Prepare the journal entry for Crane on December 31, 2020. (Credit account titles are automatically indented when the 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. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2020 e Textbook and Media