Culver Co. sells $424,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 10%. On October 1, 2021, Culver buys back $131,440 worth of bonds for $138,440 (includes accrued interest). Give entries through December 1, 2022.

a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.)

Schedule of Bond Discount Amortization

Effective-Interest Method

Bonds Sold to Yield

Date

Cash Paid Interest Expense Premium Amortized Carrying Amount of Bonds

6/1/20 $ $ $ $

12/1/20

6/1/21

12/1/21

6/1/22

12/1/22

6/1/23

12/1/23

6/1/24

* Difference due to rounding

all of the relevant journal entries from the time of sale until December 31, 2022. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit

6/1/20

12/1/20

Entry field with correct answer

Interest Expense

Entry field with correct answer

22,570

Entry field with correct answer

Entry field with correct answer

Premium on Bonds Payable

Entry field with correct answer

2,870

Entry field with correct answer

Entry field with correct answer

cash

Entry field with correct answer

Entry field with correct answer

25,440

12/31/20

6/1/21

10/1/21

(To record interest expense and premium amortization)

10/1/21

(To record buy back of bonds)

12/1/21

12/31/21

6/1/22

12/1/22