Your answer is partially correct. On January 1, 2025, Culver Corporation issued $520,000 of 7% bonds,...

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Your answer is partially correct. On January 1, 2025, Culver Corporation issued $520,000 of 7% bonds, due in 10 years. The bonds were issued for $558,684, and pay interest each July 1 and January 1. The effective-interest rate is 6%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Culver uses the effective-interest method. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation an. 1, 2025 Cash Premium on Bonds Payable Bonds Payable July 1, 2025 Interest Expense Dec. 31, 2025 Debit Credit 558684 16761 Premium on Bonds Payable 1439 Cash 38684 520000 18200 Your answer is partially correct. On January 1, 2025, Culver Corporation issued $520,000 of 7% bonds, due in 10 years. The bonds were issued for $558,684, and pay interest each July 1 and January 1. The effective-interest rate is 6%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Culver uses the effective-interest method. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation an. 1, 2025 Cash Premium on Bonds Payable Bonds Payable July 1, 2025 Interest Expense Dec. 31, 2025 Debit Credit 558684 16761 Premium on Bonds Payable 1439 Cash 38684 520000 18200