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Crane Company issued $310,000,6%,10-year bonds on January 1,2022, for $333,936. This price resulted in an...

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Accounting

Crane Company issued $310,000,6%,10-year bonds on January 1,2022, for $333,936. This price resulted in an effective-interest rate of 5% on the bonds. Interest is payable annually on January 1. Crane uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record accrual of interest and the premium amortization on December 31,2022.

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