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urgent On June 30,2023 , Cullumber Limited issued $2 million of 20 year, 12% bonds for $2,160,454, which provides a yield of 11%. The company
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On June 30,2023 , Cullumber Limited issued $2 million of 20 year, 12% bonds for $2,160,454, which provides a yield of 11%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi- annual interest on June 30 and December 31 (a) Prepare the journal entries to record the following transactions: (Round answers to 0 decimal ploces, es, 5,275. Credit account titles are outomatically indented when the amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the occount tilles and enter O for the amounts. List debit entries before credit entry. Record joumal entries in the order presented in the problem. 1. The issuance of the bonds on June 30,2023 2 The payment of interest and the amortixation of the premlum on December 31,2023 3. The payment of interest and the amortiration of the premium on June 30.2024 4. The payment of interest and the amortization of the premium on December 31,2024 The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above (c) 3 The parts of this question must be completed in order, This part will be available when you complete the part above Step by Step Solution
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