CH.15 (2) PLEASE SOLVE PART (D) AND SHOW WORK WITH EXPLANATION

On September 1, 2024, Cullumber Corporation issued $620,000 of 10 -year, 3% bonds at 96 . Interest is payable semi-annually on September 1 and March 1. Cullumber's fiscal year end is February 28. (a) Your answer is correct. Is the market rate of interest higher or lower than 3% ? Market interest rate is than 3% eTextbook and Media List of Accounts Attempts: 1 of 5 used (b) Your answer is correct. Record the issue of the bonds on September 1, 2024. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Attempts: 2 of 5 used (c) Your answer is correct. Record the accrual of interest on February 28, 2025, assuming the semi-annual amortization amount for this interest period is $1,048. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Attempts: 2 of 5 used (d) Record the payment of interest on March 1, 2025. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)