Cullumber Corporation issued $3.30 million of 7 - year 4% bonds dated January 1,2024 for $2,927,230. The market interest rate when the bonds were issued was 6%. Interest is payable semi-annually on January 1 and July 1. Cullumber has a December 31 yer end.

1-Prepare an amortization schedule for the first three interest payments.

2- Prepare the journal entry to record the first interest payment on July 1,2024

3- Prepare the adjusting entry on December 31,2024. to accrue the interest expense

4- Prepare the journal entry for the payment of interest on January 1,2025