On May 1, 2022. Crane Corp. issued $ 530.000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31 (a) 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.) Date Account Titles and Explanation Debit Credit May 1 2022 Cash Bonds Payable Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit Dec. 31. 2022 Interest Expense Interest Payable Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information) Crane Corp. Balance Sheet (Partial) Current Llabildes S Interest Payable > Current Liabilities Bonds Payable Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1 2023 Interest Expense Interest Payable Cash Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Dec 31. 2023 Interest Expense Interest Payable Assume that on January 1, 2024. Crane pays the accrual bond interest and calls the bonds. The call price is 102. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1. 2024 Interest Payable Cash (To record payment of interest) Jan 1. 2024 Bonds Payable Loss on Bond Redemption Cash (To record redemption of the bonds)