On June 30, 2020, Cullumber Company issued $3,400,000 face value of 13%, 20-year bonds at $3,655,780, a yield of 12%. Cullumber uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. Your answer is partially correct. Prepare the journal entries to record the following transactions. (Round answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2020. (2) The payment of interest and the amortization of the premium on December 31, 2020. The payment of interest and the amortization of the premium on June 30, 2021. (3) (4) The payment of interest and the amortization of the premium on December 31, 2021. Date June 30, 2020 Account Titles and Explanation Cash Premium on Bonds Payable Bonds Payable December Interest Expense 31,2020 Premium on Bonds Payable Cash June 30, 2021 December Interest Expense Premium on Bonds Payable Cash Interest Expense 31, 2021 Premium on Bonds Payable Cash Debit 3,655,780 Credit 255,780 3,400,000 Your answer is partially correct. Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to O decimal places, e.g. 38,548.) Cullumber Company Balance Sheet December 31, 2021 eTextbook and Media List of Accounts > +A $ +A $ Rectar * Your answer is incorrect. Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answer to O decimal places, e.g. 38,548.) Interest expense reported for 2021 $ (2) Will the bond interest expense reported in 2021 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will be the amount that would be reported if the straight-line r (3) Determine the total cost of borrowing over the life of the bond. (Round answer to O decimal places, e.g. 38,548.) Total cost of borrowing over the life of the bond $ (4) Will the total bond interest expense for the life of the bond be greater than, the same as, or less than the total interest expense if the straight-line method of amortization were used? The total bond interest expense for the life of the bond will be the total interest expense if the straight-line