On May 1, 2021, Cullumber Corp. issued $905,000 of 5-year, 6% bonds at 99. The bonds pay interest annually on May 1 Cullumber's year end is April 30 Record the issue of the bonds on May 1, 2021. (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 for the amounts) Date Account Titles and Explanation Debit May 1 Credit Calculate the effective rate of the bonds using Excel or a financial calculator. (Round answer to 4 decimal places, eg 15751.) Effective rate % e Textbook and Media List of Accounts Question 2 of 5 Prepare an effective interest amortization table for this bond (Round answers to decimal places, es 5,276) Cullumber CORP. Bond Discount Amortization Table Effective Interest Method-Annual Interest Payments Interest Expense Discount Amortization Interest Payment Bond Amori $ $ Date May 1. 2021 May 1. 2022 May 1. 2023 May 1. 2024 May 1. Question 2 of 5 May 1 2024 May 1. 2025 May 1. 2026 e Textbook and Media List of Accounts Record the accrual of interest at April 30.2022. (Credit account titles are automatically indented when the amount is indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answe web and Windows 31 2100 - Chapter 15 Homework Question 2 of 5 -11 Record the accrual of interest at April 30, 2022. (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 for the amounts. Round answers to decimal places, eg. 5,276) Date Account Titles and Explanation Debit Credit Apr. 30 (To accrue interest expense.) e Textbook and Media List of Accounts web and Windows O Q 3253-4015-86-7460661031c/question/ FMGT 2100 - Chapter 15 Homework Question 2 of 5 -/1 Record the interest payment on May 1, 2022. (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 for the amounts) Date Account Tities and Explanation Debit May 1 Credit (To record interest payment.) eTextbook and Media List of Accounts ch the web and Windows FMGT 2100 - Chapter 15 Homework aunchid= 64d-0253-4015 baa-74606610210/questioni Question 2 of 5 -/1 Assuming instead that Cullumber has a December 31, 2021 year end, prepare the adjusting entry resting to these bonds and the subsequent interest payment on May 1, 2022. (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 for the amounts. Round answers to o decimal places g. 5,276.) Account Tities and Explanation Date Dec. 31 Debit Credit (To accrue interest expense.) May 1 (To record interest payment. te web and Windows O EK Homework 107460661031CH/question/ Question 2 of 5 iii Assume that on May 1, 2022, after payment of the interest, Cullumber redeems all of the bonds at 105. Record the redemption of the bonds. (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 Ofor the amounts. Round answers to decimal places, eg. 5,276.) Date Account Titles and Explanation May 1 Debit Credit (To record redemption of bonds.) e Textbook and Media List of Accounts veb and Windows TE o E On May 1, 2021, Cullumber Corp. issued $905,000 of 5-year, 6% bonds at 99. The bonds pay interest annually on May 1 Cullumber's year end is April 30 Record the issue of the bonds on May 1, 2021. (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 for the amounts) Date Account Titles and Explanation Debit May 1 Credit Calculate the effective rate of the bonds using Excel or a financial calculator. (Round answer to 4 decimal places, eg 15751.) Effective rate % e Textbook and Media List of Accounts Question 2 of 5 Prepare an effective interest amortization table for this bond (Round answers to decimal places, es 5,276) Cullumber CORP. Bond Discount Amortization Table Effective Interest Method-Annual Interest Payments Interest Expense Discount Amortization Interest Payment Bond Amori $ $ Date May 1. 2021 May 1. 2022 May 1. 2023 May 1. 2024 May 1. Question 2 of 5 May 1 2024 May 1. 2025 May 1. 2026 e Textbook and Media List of Accounts Record the accrual of interest at April 30.2022. (Credit account titles are automatically indented when the amount is indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answe web and Windows 31 2100 - Chapter 15 Homework Question 2 of 5 -11 Record the accrual of interest at April 30, 2022. (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 for the amounts. Round answers to decimal places, eg. 5,276) Date Account Titles and Explanation Debit Credit Apr. 30 (To accrue interest expense.) e Textbook and Media List of Accounts web and Windows O Q 3253-4015-86-7460661031c/question/ FMGT 2100 - Chapter 15 Homework Question 2 of 5 -/1 Record the interest payment on May 1, 2022. (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 for the amounts) Date Account Tities and Explanation Debit May 1 Credit (To record interest payment.) eTextbook and Media List of Accounts ch the web and Windows FMGT 2100 - Chapter 15 Homework aunchid= 64d-0253-4015 baa-74606610210/questioni Question 2 of 5 -/1 Assuming instead that Cullumber has a December 31, 2021 year end, prepare the adjusting entry resting to these bonds and the subsequent interest payment on May 1, 2022. (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 for the amounts. Round answers to o decimal places g. 5,276.) Account Tities and Explanation Date Dec. 31 Debit Credit (To accrue interest expense.) May 1 (To record interest payment. te web and Windows O EK Homework 107460661031CH/question/ Question 2 of 5 iii Assume that on May 1, 2022, after payment of the interest, Cullumber redeems all of the bonds at 105. Record the redemption of the bonds. (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 Ofor the amounts. Round answers to decimal places, eg. 5,276.) Date Account Titles and Explanation May 1 Debit Credit (To record redemption of bonds.) e Textbook and Media List of Accounts veb and Windows TE o E
