View Policies Current Attempt in Progress On January 1, 2020, Cullumber Corporation purchased a newly issued $1,175.000 bond. The bond matured on December 31, 2022 and paid interest at 6% every June 30 and December 31. The market interest rate was 8% Cullumber's fiscal year-end is October 31 and the company had the intention and ability to hold the band until its maturity date. The bond will be accounted using the amortized cost model 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 paid for the band using a financial calculator or Excel functions. (Round answers to 2 decimal places, es 52.75) PV $ e Textbook and Media List of Accounts Prepare an amortization schedule for the bond. (Round answers to 2 decimal places, eg. 52.75.) A Cash Received Interest Revenue Discount Amortization Date $ Jan. 1, 2020 June 30, 2020 $ $ $ $ CA Dec 31, 2020 June 30. 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 Prepare an amortization schedule for the bond. (Round answers to 2 decimal places, e.g. 52.75.) Cash Received Interest Revenue Discount Amortization Amortized Cost (Present Value) $ $ $ Prepare the journal entries on the books of Cullumber Corporation for each of the following dates. (Round answers to 2 decimal places, eg. 52.75. 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.) January 1, 2020 June 30, 2020 October 31, 2020 December 31, 2020 December 31, 2022 (two entries) one for interest and one for maturity of bond Date Account Titles and Explanation Debit Credit June 30, 2020 Oct. 31, 2020 Dec 31, 2020 Dec 31, 2022 (To record collection of interest.) Dec. 31, 2022 (To record maturity of bond.)