On May 1, 2021, Crane Corp. issued $588,000 of 9%, 5-year unsecured bonds at face value. The bonds were dated May 1, 2021, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Your answer is correct. Is this a debenture bond? Yes e Textbook and Media List of Accounts Prepare the journal entry to record the issuance of the bonds. (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 Utles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2021 (To record issuance of bonds.)