owesubject-AccountingOn May 1, 2024, crane corp. issued 955,000 of 5-year, 7% bonds at $916,270. This price resulted in an effective interest rate of 8% on the bonds. The bonds pay interest semi-annually on May 1. Crane's year end is April 30: DateMay 1, 2024Nov. 1,2024May 1, 2025Nov. 1,2025May 1, 2026Nov. 1,2026May 1, 2027Crane CORP.Bond Discount Amortization TableEffective Interest Method-Semi-Annual Interest Payments7% Bonds Issued at market rate of 8%Interest Payment33,42533,425MInterest Expense38,20036,841.80Discount Amortization4,7753,416.80T$Bond Carrying92 Nov. 1,2027May 1, 2028Nov. 1,2028May 1, 2029NOO

Each periodic payment on bonds is listed in a table called an amortization schedule over the course…

owe subject-Accounting On May 1, 2024, crane corp. issued 955,000 of 5-year, 7% bonds at $916,270. This price resulted in an effective interest rate of 8% on the bonds. The bonds pay interest semi-annually on May 1. Crane's year end is April 30

owe subject-Accounting On May 1, 2024, crane corp. issued 955,000 of 5-year, 7% bonds at $916,270. This price resulted in an effective interest rate of 8% on the bonds. The bonds pay interest semi-annually on May 1. Crane's year end is April 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: acounting
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Subject :- account
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