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Crane Company issued $630,000, 10-year, 4% bonds at 103. Your answer is partially correct. Prepare the...

Question:

Crane Company issued $630,000, 10-year, 4% bonds at 103. Your answer is partially correct. Prepare the journal entry to recor
Crane Company issued $630,000, 10-year, 4% bonds at 103. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cush 648900000 630000.00 Bonds Payable 630000100 Textbook and Media

Answers

Date Account titles and explanation Debit Credit
Jan. 1 Cash($630,000 * 1.03) $648,900
Premium on Bonds Payable $18,900
Bonds Payable $630,000
.

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