View Policies Current Attempt in Progress Crane Inc issues $ 784,000 of 5-year, 9% bonds on January 1, 2021. The bonds pay interest annually, Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the issue price of the bonds using a market rate of 8%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to decimal places, eg. 1.575.) Issue price $ Record the bond issue. (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 for the amounts.) Account Titles and Explanation Debit Credit Jan. 1, Date 2021 (To record issuance of bonds.) Prepare an effective interest amortization table for the bonds. (Round answers to decimal places, eg. 5,275.) CRANE COMPANY Bond Premium Amortization Table Effective-Interest Method-Annual Interest Payments 9% Bonds Issued at market rate of 8% Interest Expense Premium Amortization Date Interest Payment Bond Amortized Jan. 1. 2021 $ $ $ Jan 1. 2022 Jan 1. 2023 Jan. 1. 2024 1. 2024 Jan 1. 2025 Jan 1. 2026 Prepare the journal entries to record the first three interest payments. Ignore any year-end accruals of interest. (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 for the amounts) Date Account Titles and Explanation Debit Credit Prepare the journal entries to record the first three interest payments. Ignore any year end accruals of interest. (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 for the amounts) Date Account Titles and Explanation Debit Credit Jan. 1. 2022 (To record interest payment.) Jan. 1 2023 Jan 1 2023 To record interest payment.) Jan. 1. 2024 To record interest payment.) Assuming Crane has an October 31 year end, prepare the adjusting entry for interest on October 31, 2021. (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 for the amounts. Round answers to decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation Oct. 31 2021 (To accrue interest expense.)