View Policies Show Attempt History Current Attempt in Progress On January 1, 2021, Cullumber Ltd. issued $650,000 of 5%.5-year bonds. The bonds were issued to yield a market interest rate of 6%. Cullumber's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Cullumber redeemed the bonds. A partial bond amortization schedule is presented below. Interest Expense Amortization Semi-Annual Interest Interest Period Payment Jan 1, 2021 July 1, 2021 16,250 Jan 1, 2022 16,250 July 1, 2022 16,250 Bond Amortized Cost $622,277 624,695 627,186 $18.668 $2.418 18,741 2,491 18,816 2.566 629,752 Jan. 1.2023 16,250 18,893 2.643 632,395 Your answer is partially correct. Prepare the journal entry to accrue the interest expense on December 31, 2021. (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.) Debit Credit Date Account Titles and Explanation Dec. Interest Expense 31 18740.85 Interest Payable 16250 Bonds Payable 2490 (To accrue interest expense.) eTextbook and Media List of Accounts * Your answer is incorrect. Prepare the journal entry to record the payment of interest on January 1, 2022. (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.) Date Account Titles and Explanation Debit Credit Jan. 1 To record interest payment.) eTextbook and Media List of Accounts X Your answer is incorrect. Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 100 on January 1, 2023. (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.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record redemption of bonds. e Textbook and Media List of Accounts * Your answer is incorrect. Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 95. (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.) Date Account Titles and Explanation Debit Credit Jan. 1 INO DOO (To record redemption of bonds.) eTextbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit
