Prepare the journal entry to record the payment ofinterest on January 1, 2022. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)Date Account Titles and ExplanationDebitCreditJan. 1(To record interest payment.)eTextbook and MediaList of AccountsPrepare the journal entry to record the redemption of the bonds assuming they were redeemed at 100 on January 1, 2023. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditJan. 1(To record redemption of bonds.)eTextbook and MediaList of AccountsPrepare the journal entry to record the redemption of the bonds assuming they were redeemed at 96. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Date Account Titles and ExplanationDebitCreditJan. 1(To record redemption of bonds.)eTextbook and MediaList of Accounts On January 1, 2021, Crane Ltd. issued $640,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%.Crane's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment,Crane redeemed the bonds. A partial bond amortization schedule is presented below.Semi-AnnualInterestInterestBondInterest PeriodPaymentExpense Amortization Amortized CostJan. 1, 2021$612,703July 1, 202116,000$18,381$2,381615,084Jan. 1, 202216,00018.4532,453617,537July 1, 202216,00018,5262.526620,063Jan. 1, 202316,00018,6022,602622,665Prepare the journal entry to record the payment of interest on July 1, 2021 (Credit account titles are automatically indented whenthe amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditJuly 1(To record interest payment.)eTextbook and MediaList of AccountsPrepare the journal entry to accrue the interest expense on December 31, 2021. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)Date Account Titles and ExplanationDebitCreditDec. 31(To accrue interest expense.)eTextbook and MediaList of Accounts

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Prepare the journal entry to record the payment of interest on January 1, 2022. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record interest payment.)

Prepare the journal entry to record the payment of interest on January 1, 2022. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record interest payment.)

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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