Crane, Inc. issued a $$120,000,4-$year, $8\%$ note at face value to Flint Hills Bank on January $1,2025,$ and received $$120,000$ cash. The

note requires annual interest payments each December $31.$

Prepare Crane's journal entries to record $($a$)$ the issuance of the note and $($b$)$ the December $31$ interest payment. $($If no entry is required,

select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is

entered. Do not indent manually, List all debit entries before credit entries.$)$

No$.$

Date

Account Titles and Explanation

Debit

Credit

$($a$)$

$($b$)$

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