Question: please solve it before 20 minutes please Crane Ltd. Issued $1.22 million of 5-year, 4% bonds dated January 1, 2021, for $1,276,255 when the market

please solve it before 20 minutes please Crane Ltd. Issued $1.22

please solve it before 20 minutes please

Crane Ltd. Issued $1.22 million of 5-year, 4% bonds dated January 1, 2021, for $1,276,255 when the market interest rate was 3%. Interest is paid semi-annually on July 1 and January 1. Crane has a December 31 year-end. 1. Were the bonds issued at a premium or a discount? Why? (2 marks) 2. Prepare an amortization schedule for the first three interest payments. (12 marks) 3. Prepare the journal entry to record the first interest payment on July 1, 2021. (3 marks) 4. Prepare the journal entry to accrue interest expense on December 31, 2021. (3 marks) 5. Prepare the journal entry to record the second interest payment on January 1, 2022. (2 marks)

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