Question: Crane Ltd issued $ 1 , 2 0 0 , 0 0 0 of 1 0 years, 5 % bonds on January 1 , 2

Crane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate was 6%. crane received $1,110,740 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1. crane has a December 31 year end. What is the difference between the amount of interest expense recorded in Crane's statement of income in 2024 and the amount of interest paid to the bondholders in 2024?

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