Question: Current Attempt in Progress On July 1, 2021, the Canada Bank lent $53,000 to Crane Limited. The 18-month loan bears interest at 7%. Prepare

Current Attempt in Progress On July 1, 2021, the Canada Bank lent $53,000 to Crane Limited. The 18-month loan bears interest at 7%. Prepare

Current Attempt in Progress On July 1, 2021, the Canada Bank lent $53,000 to Crane Limited. The 18-month loan bears interest at 7%. Prepare the journal entries to record each of the following on the Canada Bank's books: (b) Your answer is incorrect. The accrual of interest at the Canada Bank's year end, December 31, 2021 and 2022, assuming adjusting entries are recorded annually and interest is collected at maturity. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Dec. 31, 2021 Interest Receivable Dec. 31, 2022 Interest Receivable Debit 3710 7420 Credit 3710 7420

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