On July $1,2020,$ Crane Inc. made two sales.

Crane Inc. recently had to pay $8\%$ interest for money that it

borrowed from British National Bank. The customers in these two

transactions have credit ratings that require them to borrow money

at $12\%$ interest.

Record the two journal entries that should be recorded by Crane

Inc. for the sales transactions above that took place on July $1,$

$2020.($Round present value factor calculations to $5$

decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places,

e$.$g$.5,275.$ If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. Credit account titles

are automatically indented when the amount is entered. Do not

indent manually.$)$No$.$DateAccount Titles and ExplanationDebitCredit$1.$July $1,20202.$July $1,2020$enter a credit amount