Current Attempt in Progress

On January $1,2024,$ Bridgeport Company acquired all the assets and assumed all the liabilities of Crane Company and merged Crane into Bridgeport. In exchange for the net assets of Crane, Bridgeport gave its bonds payable with a maturity value of $\backslash$$$565,000,$ a stated interest rate of $10\backslash \%,$ interest payable semiannually on June $30$ and December $31,$ a maturity date of January $1,2034,$ and a yield rate of $\backslash (12\backslash \%\backslash ).$ Balance sheets for Bridgeport and Crane $($as well as fair value data$)$ on January $1,2024,$ were as follows:

Prepare the journal entry on the books of Bridgeport Company to record the acquisition of Crane Company's assets and liabilities in exchange for the bonds. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.5,275.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Bonds Payable

Cash