Your answer is partially correct. The following information is taken from Cullumber Corp's balance sheet at December 31, 2021. Current liabilities $ 96,000 Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,400,000 24,000 2,376,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date Cullumber uses straight-line amortization for any bond premium or discount From December 31, 2021, the bonds will be outstanding for an additional 10 years (120 months). (a) (b) (c) Journalize the payment of bond interest on January 1, 2022 Prepare the entry to amortize bond discount and to accrue the interest on December 31, 2022. Assume on January 1, 2023, after paying interest, that Cullumber Corp.calls bonds having a face value of $480,000. The call price is 102. Record the redemption of the bonds. Prepare the adjusting entry at December 31, 2023, to amortize bond discount and to accrue interest on the remaining bonds. (d ) 3.75/4.5 Date Account Titles and Explanation Debit Credit Jan. 1 2022 Interest Payable 96000 Cash 96000 Dec. 31 2022 Interest Expense 98400 Discount on Bonds Payable 2400 Interest Payable 96000 Jan. 1 2023 Bonds Payable 480000 Loss on Bond Redemption Discount on Bonds Payable 408000 Cash 85600 Dec 31 2023 Interest Expense 5600 Discount on Bonds Payable 80000 Interest Payable 73F Mostly cloudy 1:10 PM 7/9/2021 m2