On May 1, 2020, Crane Corp. issued $560,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation May 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,675.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,675.) Crane Corp. Balance Sheet (Partial) Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,675.) Debit Credit Date Account Titles and Explanation May 1, 2021 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Assume that on January 1, 2022, Crane pays the accrual bond interest and calls the bonds. The call price is 104. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 (To record payment of interest) Jan. 1, 2022 (To record redemption of the bonds)