accounting question:

DCCCIIDCI 54 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) $150,000 Long-term Liabilities Bonds payable, 6% due January 1, 2028 $2,500,000 Add: Premium on bonds payable 249,000 $2,749,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Cullumber uses straight-line amortization for any bond premium or discount. From December 31, 2020, the bonds will be outstanding for an additional 10 years (120 months). (a) > (b ) (c) Assume that on January 1, 2022, after paying interest, Cullumber Company calls bonds having a face value of $1,000,000. The call price is 101. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Study