Exercise 10-28 Cullumber Company issued $266,000, 7%, 10-year bonds on January 1, 2022, for $285,577. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. Cullumber uses the effective-interest method to amortize bond premium or discount.

Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 10-28 Cullumber Company issued $266,000,7%, 10-year bonds on January 1, 2022, for $285,577. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. Cullumber uses the effective-interest method to amortize bond premium or discount. Prepare the schedule using effective-interest method to amortize bond premium or discount of Cullumber. (Round answers to 0 decimal places, e.g. 5,275.) Interest Interest to Interest Expense Premium Unamortized Bond Periods Be Paid to Be Recorded Amortization Premium Carrying Value Issue date $ $ $ 2 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Dec. 31, 2022 Date SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023