View Policies Current Attempt in Progress The balance sheet for Crane Company reports the following information on July 1, 2022. CRANE COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable Less: Discount on bonds payable $2,400,000 54,000 $2,346,000 Crane decides to redeem these bonds at 106 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Don Date Account Titles and Explanation Debit Credit July 1 List of Accounts Save for Later