Question $10$ of $12$

$\frac{-}{1}$

Current Attempt in Progress

On January $1,2025,$ Cullumber Corporation issued $$460,000$ of $7\%$ bonds, due in $10$ years. The bonds were issued for $$428,742,$ and pay interest each July $1$ and January $1.$ Cullumber uses the effective$-$interest method.

Prepare the company's journal entries for $($a$)$ the January $1$ issuance, $($b$)$ the July $1$ interest payment, and $($c$)$ the December $31$ adjusting entry. Assume an effective$-$interest rate of $8\%.($Round answers to $0$ decimal places, e$.$g$.38,548.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date

Jan. $1,2025$

Account Titles and Explanation

$$

$$

$$

$$

$$

$$

$$

$$

$$

Debit

Credit