| Exercise 14-10 On January 1, 2020, Culver Company sold 11% bonds having a maturity value of $300,000 for $311,372, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Culver 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.) Date | Account Titles and Explanation | Debit | Credit | January 1, 2020 | | | | | | | | | | | | | | | | | Prepare a schedule of interest expense and bond amortization for 20202022. (Round answer to 0 decimal places, e.g. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method | Date | | Cash Paid | | Interest Expense | | Premium Amortized | | Carrying Amount of Bonds | 1/1/20 | | $ | | $ | | $ | | $ | 12/31/20 | | | | | | | | | 12/31/21 | | | | | | | | | 12/31/22 | | | | | | | | | | | | | | Prepare the journal entry to record the interest payment and the amortization for 2020. (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.) Date | Account Titles and Explanation | Debit | Credit | December 31, 2020 | | | | | | | | | | | | | | | | | Prepare the journal entry to record the interest payment and the amortization for 2022. (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.) Date | Account Titles and Explanation | Debit | Credit | December 31, 2022 | | | | | | | | | | | | Click if you would like to Show Work for this question: | Open Show Work | | | | |