Cullumber Company sold $3,120,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
Cullumber Company sold $2.120,000, 10%, 10-year hond on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debil Credit No. 1 Dale 1122 Account Tilles and Explanalion Cashi 324800 | Premium on Bonds Payable 124800 Bonds Payable 3120000 2. 11/22 Cash 2595200 Discount on Bunchs Payable 124800 Bonds Payable 3120000 eTextbook and Media List of Accounts - Your answer is partially correct. Prepare amortization table for issuance of the bonds sold at 104 for the first three interest payments. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Issue date $ 1 12480 12430 12480 124800 12320 99840 7360 8 Prepare amortization table for issuance of the bonds sold at 96 for the first three interest payments. Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value 2995200 e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entries to record interest expense for 2022 under hoth of the band issuances assuming they sold at:11) 104 and (2) 96. e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entries to record interest expense for 2022 under both of the bond issuances assuming they sold at: (1) 104 and (21 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 12/31/22 Premium on Bonds Pavable 2. 12/31/22 Discount on Bonds Payable e Textbook and Media List of Accounts - Your answer is partially correct. Show the long term liabilities balance sheet presentation for issuance of the bonds sold at 104 at December 31, 2022 CULLUMBER COMPANY Balance Sheet (Partial) December 31, 2022 Long-term Liabilities Add Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 15 at December 31, 2022. CULLUMBER COMPANY Balance Sheet (Partial) December 31, 2022 Long-term Liabilities Lass : 1 cTextbook and Media List of Accounts Savetor Later Attempts: unlimited Submit Answer Assignment sent to Gradebook. Your grade is being recorded. Mon Apr 13, 2020, 7:31:03 PM (America/Los Angeles -07:00) (Prey
