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please answer it in Asaap. Thank you! Cullumber Cars Co. issued $ 2.23 million of 8%, 5-year bonds on January 1, 2021. The bonds were
please answer it in Asaap. Thank you! Cullumber Cars Co. issued $ 2.23 million of 8%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. The bonds are secured with real estate holdings. The market interest rate was 7% for these bonds. Cullumber has a calendar year end. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 1,575.) Price of the bonds $ Record the bond issue. (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.) Account Titles and Explanation Debit Credit Date Jan. 1, 2021 (To record issuance of bonds.) CULLUMBER CARS CO. Bond Premium Amortization Table Effective Interest Method-Annual Interest Payments 8% Bonds Issued at market rate of 7% Interest Expense Premium Amortization Date Interest Payment Bond Amortized Jan. 1. 2021 $ $ Jan. 1. 2022 Jan. 1. 2023 Jan. 1. 2024 Jan. 1, 2025 Jan. 1. 2026 Journalize the first three interest payments assuming reversing entries have been used. (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.) Account Titles and Explanation Debit Credit Date Jan. 1. 2022 (To record interest payment.) Jan. 1. 2023 (To record interest payment.) Jan. 1. 2024 Jan. 1, 2022 (To record interest payment.) Jan. 1, 2023 (To record interest payment.) Jan. 1. 2024 (To record interest payment.)
please answer it in Asaap. Thank you!
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