On May $1,2022,$ Cullumber Corp. issued $$630,000,9\%,5-$year bonds at face value. The bonds were dated May $1,2022,$ and pay interest annually on May $1.$ Financial statements are prepared annually on December $31.$

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Prepare the journal entry to record payment of interest on May $1,2023.($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$ Also please prepare the adjusting entry to record the accrual of interest on December $31,2023$