Problem 10-03A your answer is partially correct. Try again. The following section is taken from Crane's balance sheet at December 31, 2021. Current liabilities Interest payable $ 46,500 Long-term liabilities Bonds payable (9%, due January 1, 2025) 565,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. (a) Journalize the payment of the bond interest on January 1, 2022 (b) Assume that on January 1, 2022, after paying interest, Crane calls bonds having a face value of $160,000. The call price is 107. Record the redemption of the bonds (c) Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 46500 (a) Jan. 1 interest Payable 46500 Cash CALCULATOR PRINTER VERSION NEXT BACK (a) Journalize the payment of the bond interest on January 1, 2022. (b) Assume that on January 1, 2022, after paying interest, Crane calls bonds having a face value of $160,000. The call price is 107. Record the redemption of the bonds. (c) Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 1 Interest Payable 46500 Cash 46500 (b) Jan. 1 Bonds Payable 565000 Loss on Bond Redemption -393800 Cash 171200 (c) Dec. 31 interest Expense 550600 Interest Payable 550600 Click if you would like to show Work for this question Open Show Work