Problem 15-01A a-f (Part Level Submission) (Video) 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. (d) Your answer is partially correct. Try again 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 0 decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit May 1, 2021 Interest Expense 515200 Interest Payable 44800 Cash 560000 Click if you would like to Show Work for this question: Open Show Work