View Policies Show Attempt History Current Attempt in Progress The following section is taken from Cullumber Corp's balance sheet at December 31, 2021. Current liabilities Interest payable $ 118.300 Long-term liabilities Bonds payable, 7%, due January 1, 2026 1.690.000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. (a) Your Answer Correct Answer Your answer is correct. Journalize the payment of the bond interest on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Interest Payable 118300 Cash 118300 e Textbook and Media List of Accounts Attempts: 2 of 3 used (b) Your Answer Correct Answer Your answer is correct. Assume that on January 1, 2022, after paying interest, Cullumber calls bonds having a face value of $ 532,000. The call price is 102. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Bonds Payable 532000 Loss on Bond Redemption 10640 Cash 542640 e Textbook and Media List of Accounts Attempts: 1 of 3 used (c) Your Answer Correct Answer - Your answer is partially correct. Prepare the entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense 37240 Interest Payable 37240 e Textbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit