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Cullumber Company issued $240,000 of 4%, 20-year bonds on January 1, 2025, at face value....

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Accounting

Cullumber Company issued $240,000 of 4%, 20-year bonds on January 1, 2025, at face value. Interest is payable annually on January 1.
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Cullumber Company issued $240,000 of 4%,20-year bonds on January 1,2025 , at face value. Interest is payable annually on January 1. \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline 1.2025 & Cash & 240000 & \\ \hline & Bonds Payable & & 24000C \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline=31.2025 & Interest Expense & 9600 & \\ \hline & Interest Pivable & & 9600 \\ \hline \end{tabular} Prepare the journal entry to record the payment of interest on January 1, 2026. (List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, sefect "No Entry" for the account titles and enter 0 for the amounts.)

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