Exercise 15-15 a-d Cullumber Company issued $530,000, 5%, 20-year bonds on January 1, 2020, at 102, Interest is payable annually on January 1. Cullumber uses straight-line amortization for bond premium or discount. Your answer is correct. 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, 202 40600 onds Payable remium on Bonds Payabl 0600 Your answer is partially correct. Try again Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Expense 13038 Premium on Bonds Payable) 212 nterest Payable 13250 Your answer is partially correct. Try again Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 Interest Payable 13250 13250