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Record the journal entry to record the issuance of the bond

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Reference no: EM132329088

Question

Crane Company sold $5,775,000, 7%, 15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on December 31. The bonds were sold at 97.

Prepare the journal entry to record the issuance of the bonds on January 1, 2017.

Reference no: EM132329088

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