On January 1, 2024, Cullumber Ltd. issued $520,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Cullumber's year end is December 31. On January 1, 2026, immediately after making and recording the semi-annual interest payment, Cullumber redeemed the bonds. A partial bond amortization schedule is presented below. Semi-Annual Interest Period Jan. 1, 2024 July 1, 2024 Jan. 1, 2025 July 1, 2025 Jan. 1, 2026 Interest Payment 13,000 13,000 13,000 13,000 Interest Expense $14,935 14,993 15,052 15,114 Amortization $1,935 1,993 2,052 2,114 Carrying Amount of Bonds $497,821 499,756 501,749 503,801 505,915

On January 1, 2024, Cullumber Ltd issued $520,000 of 5%,5 year bonds. The bonds were issued to yieid a market interest rate of 6% Cullumber's year end is December 31. On January 1,2026, immediately after making and recording the semi-annual interest payment. Cullumber redeemed the bonds. A partial bond amortization schedule is presented below. Prepare the |oumal entry to record the payment of interest on July 1,2024, (tist all debit entries before credit entries, Credit account tilles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts)