On June 1, Crane Company borrows $108,000 from First Bank on a 6-month, $108,000, 8% note....

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On June 1, Crane Company borrows $108,000 from First Bank on a 6-month, $108,000, 8% note. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 30 Debit Credit Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 1 Debit Credit (d) What was the total financing cost (interest expense)? Total financing cost $ On June 1, Crane Company borrows $108,000 from First Bank on a 6-month, $108,000, 8% note. (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 (b) Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 30 Debit Credit Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 1 Debit Credit (d) What was the total financing cost (interest expense)? Total financing cost $