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The following section is taken from Crane's balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities $57,000 Bonds payable (6%, due January
The following section is taken from Crane's balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities $57,000 Bonds payable (6%, due January 1, 2025) 950.000 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1. 2022 Account Titles and Explanation Debit Credit Question 10 of 11 (b) -13= I Assume that on Jaguary 1, 2022, after paying interest, Crane calls bonds having a face value of $380,000. The call price is 104. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1. 2022 Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (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.) Date Dec. 31, 2022 Account Titles and Explanation eTextbook and Media eTextbook List of Accounts Save for Later Debit Credit Assistance Used Attempts: 0 of 5 used Submit Arawer
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