Exercise 14-10 On January 1, 2017, Cullumber Company sold 12% bonds having a maturity value of $400,000 for $430,326, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1, 2022, with interest payable December 31 of each year. Cullumber Company allocates interest and unamortized discount or premium on the effective-interest basis Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 38,548. 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.) Debit Credit Date Account Titles and Explanation January 1, 2017 Prepare a schedule of interest expense and bond amortization for 2017-2019. (Round answer to 0 decimal places, e.g. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Carrying Amount of Bonds Cash Interest Premium Pai Expense Amortized e 1/1/17 $ 12/31/17 12/31/18 12/31/19 decimal places, e.g. 38,548. If no entry is required, Prepare the journal entry to record the interest payment and the amortization for 2017. (Round answer to 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 December 31, 2017 Prepare the journal entry to record the interest payment and the amortization for 2019. (Round answer to 0 decimal places, e.g. 38,548. 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.) Account Titles and Explanation Date Debit Credit December 31, 2019