Cullumber Company issued $$640,000,10-$year, $4\%$ bonds at $103.$

Prepare the journal entry to record the sale of these bonds on January $1,2025.($List all debit entries before credit entries. Credit account titles are automatically indented when 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.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1$

$$

$$

$$

$$

$$

$$

$$

$$

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List of Accounts

Suppose the remaining Premium on Bonds Payable was $$11,520$ on December $31,2028.$ Show the balance sheet presentation on this date.

$$ CULLUMBER COMPANY

Balance Sheet $($Partial$)$