On July 31, 2024. Cullumber Inc. issued $460,000 of 5 -year, 4% bonds at 101 . Interest is payable semi-annually on July 31 and January 31 . Cullumber's fiscal year end is January 31. (a) Is the market rate of interest higher or lower than 4% ? Record the issue of the bonds on July 31, 2024. (List debit entry before credit entry. Credit account titles 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 O for the amounts.)