Cullumber Ltd. sold $6,830,000 of 8% bonds, which were dated March 1, 2020, on June 1, 2020. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2030, and the bonds were issued to yield 10%. Cullumber's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2021, Cullumber bought back $2,830,000 worth of bonds for $2,730,000 plus accrued interest.

A )Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. (Hint: Use the account Interest Expense in your entry)

B)Using 1. a financial calculator, or 2. Excel function PV, calculate the carrying amount of the bond on September 1, 2020. Use the change in the carrying amount as the amount of amortization of the discount to be recorded in the entry for the first payment.

C)Prepare the journal entry for the scheduled interest payment on September 1, 2020.

D)Prepare any year-end entry required at February 28, 2021.

E)Accrue the interest on the portion of the bonds redeemed

F)Prepare the entry required for the redemption of face value $2,830,000 of the bonds on June 1, 2021. (

Cullumber Ltd. sold $6,830,000 of 8% bonds, which were dated March 1, 2020, on June 1, 2020. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2030, and the bonds were issued to yield 10%. Cullumber's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2021, Cullumber bought back $2,830,000 worth of bonds for $2,730,000 plus accrued interest. Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. (Hint: Use the account Interest Expense in your entry). (Round answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bonds Payable Interest Expense Cash e Textbook and Media List of Accounts Using 1. a financial calculator, or 2. Excel function PV, calculate the carrying amount of the bond on September 1, 2020. Use the change in the carrying amount as the amount of amortization of the discount to be recorded in the entry for the first payment. (Round answer to O decimal places, e.g. 5,275.) $ Carrying amount of the bond Prepare the journal entry for the scheduled interest payment on September 1, 2020. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 1, 2020 e Textbook and Media List of Accounts Prepare any year-end entry required at February 28, 2021. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Feb. 28, 2021 e Textbook and Media List of Accounts Accrue the interest on the portion of the bonds redeemed. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1, 2021 e Textbook and Media List of Accounts Prepare the entry required for the redemption of face value $2,830,000 of the bonds on June 1, 2021. (Round answers to decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1, 2021