Problem 10-7A The following information is taken from Culver Corp.'s balance sheet at December 31, 2016 Current liabilities Interest payable Long-term liabilities 95,000 Bonds payable (7%, due January 1, 2027) $4,800,000 Less: Discount on bonds payable 48,000 4,752,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Culver uses any bond premium or discount. From December 31, 2016, the bonds will be straight-line amortization fo outstanding for an additional 10 years (120 months). (a) Journalize the payment of bond interest on January 1, 2017 (b) Prepare the entry to amortize bond discount and to accrue the interest on December 31, 2017. (c) Assume on January 1, 2018, after paying interest, that Culver Corp. calls bonds having a face value of $800,000. The call price is 102. Record the redemption of the bonds. Prepare the adjusting entry at December 31, 2018, to amortize bond discount and to accrue interest on the remaining bonds. (d) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation (a) Jan, 1 2017 Debit Credit (b) Dec. 31 2017 (c) Jan. 1 2018 assignment/test/agistuni?id asnmt 179 1052#1 to search a face value of $800,0 (c) Assume on January 1, 2018, after paying interest, that Culver Corp. calls bonds having (d) Prepare the adjusting entry at December 31, 2018, to amortize bond discount and to accrue interest on the re (Credit account titles are automatically indented when amount is entered. Do not indent manually.) is 102. Record the redemption of the bonds (a) Jan. 1 2017 (b) Dec. 31 2017 (c) Jan. 1 2018 (d) Dec. 31 2018 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS search