Crane Company issues $2.24 million, 10-year, 8% bonds at 97, with interest payable each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2027. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 1 Debit Credit

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Crane Company issues $2.24 million, 10-year, 8% bonds at 97, with interest payable each January 1.
(a)
Prepare the journal entry to record the sale of these bonds on January 1, 2027. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date Account Titles and Explanation
Jan. 1
Debit
Credit
Transcribed Image Text:Crane Company issues $2.24 million, 10-year, 8% bonds at 97, with interest payable each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2027. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 1 Debit Credit
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