Problem 15-09A a-c (Part Level Submission) On January 1, 2020, Crane Company issued $2,410,000, 6%, 10-year bonds at $2,596,094. This price resulted in a 5% effective-interest rate on the bonds. Crane uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1 (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) () The issuance of the bonds on January 1, 2020. (2) Accrual of interest and the amortization of the premium on December 31, 2020 (3) The payment of interest on January 1, 2021. (4) Accrual of interest and amortization of the premium on December 31, 2021 No. Date Account Titles and Explanation Debit Credit (1) Jan. 1, 2020 Cash 2596094 2410000 Bonds Payable 186094 Premium on Bonds Payable (2) Dec. 31, 2020 Interest Expense 129805 14795 Premium on Bonds Payable 144600 Interest Payable (3) Jan. 1, 2021 Interest Payable 144600 Cash 144600 (4) Dec. 31, 2021 Interest Expense 129065 Premium on Bonds Payable 15535 144600 Interest Payable (b) Your answer is correct. Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2021. (Round answers to 0 decimal places, e.g. 15,250. Enter account name only and do not provide descriptive information.) Crane Company Balance Sheet (Partial) December 31, 2021 Bonds Payable 2410000 Premium on Bonds Payable 2565764 Add 155764 Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 6 of 15 used (c) Your answer is partially correct. Try again Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answers to 0 decimal places, e.g. 15,250.) 129805 Interest expense reported for 2021 (2) Would the bond interest expense reported in 2021 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will bereater than amount that would be reported if the straight-line method of amortization the