Cullumber Co. is building a new hockey arena at a cost of $2,560,000. It received a downpayment of $450,000 from local businesses to support the project, and now needs to borrow $2,110,000 to complete the project. It therefore decides to issue $2,110,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 11%. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to decimal places eg. 58,971. If no entry is required, select "No Entry"for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ite Account Titles and Explanation Debit Credit uary 019 Cash 2.234 253 Bonds Payable 2,110,000 Premium on Bonds Payable 124,253 e Textbook and Media e List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to decimal places, eg. 38,548.) Cash Paid Interest Expense Premium Amortization Date 1/1/19 $ i $ $ 1/1/20 253,200 245,767 7,433 1/1/21 253,200 244,949 8,251 1/1/22 253 200 244,042 9,158 1/1/23 253,200 243,034 10,166 e Textbook and Media List of Accounts Attempts: 1 of 3 used Assume that on July 1, 2022, Cullumber Co.redeems half of the bonds at a cost of $1,110,800 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date July 1, 2022 Interest Expense 122,188 Premium on Bonds Payable 2,541 Cash 124,729 (To record interest) July 1, 2022 Bonds Payable 1,055,000 Premium on Bonds Payable 47,174 Loss on Redemption of Bonds 8,626 Cash 1,110,800 (To record reacquisition)