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Crane Corporation issued 3,200, 6%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is...

Crane Corporation issued 3,200, 6%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Collapse question part (a) Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Janaury 1, 2020

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Answer #1

Journal entry

Date account and explanation debit credit
Jan 1,2020 Cash 3200000
Bonds payable 3200000
(To record bond issue)
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