Question 23 The following is taken from the Cullumber Company balance sheet. Cullumber Company Balance Sheet (partial) December 31, 2020 Current Liabilities Interest payable (for 12 months from January 1 to December 31) $150,000 Long-term Liabilities $2,500,000 Bonds payable, 6% due January 1, 2028 249,000 $2,749,000 Add: Premium on bonds payable Interest is payable annually on January 1. The bonds are callable on any annual interest date. Cullumber uses straight-line amortization for any bond premium or discount. From December 31, 2020, the bonds will be outstanding for an additional 10 years (120 months). (a) Journalize the payment of bond interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Jan. 1, 2021 dy