On May 1, 2021, Crane Corp. issued $955,000 of 5-year, 8% bonds at 99. The bonds pay interest annually on May 1. Crane's year end is April 30.

Record the issue of the bonds on May 1, 2021. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 1

Question Part Score

--/1

Record the accrual of interest at April 30, 2022. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 30
	(To accrue interest expense.)

Question Part Score

--/2

Record the interest payment on May 1, 2022. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 1
	(To record interest payment.)

Question Part Score

--/1

Assuming instead that Crane has a December 31, 2021, year end, prepare the adjusting entry relating to these bonds and the subsequent interest payment on May 1, 2022. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31
	(To accrue interest expense.)
May 1
	(To record interest payment.)

Question Part Score

--/5

Assume that on May 1, 2022, after payment of the interest, Crane redeems all of the bonds at 105. Record the redemption 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 titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.)

Date	Account Titles and Explanation	Debit	Credit
May 1
	(To record redemption of bonds.)