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Journalize the payment of the bond interest on january

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The following section is taken from Crane's balance sheet at December 31, 2021.

Current liabilities

Interest payable $ 52,000

Long-term liabilities

Bonds payable [9%, due January 1, 2025] 620,000

Interest is payable annual Iy on January 1.

The bonds are callable on any annual interest date.

Problem 1: Journalize the payment of the bond interest on January 1, 2022.

Problem 1: Assume that on January 1, 2022, after paying interest. Crane calls bonds having a face value of $215,000. The call price is 106. Record the redemption of the bonds.

Problem 2: Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds.

Reference no: EM132809163

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