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Cullumber Company sold $7,100,000,7%,15-year bonds on January 1,2025. The bonds were dated January 1,2025, and...

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Accounting

Cullumber Company sold $7,100,000,7%,15-year bonds on January 1,2025. The bonds were dated January 1,2025, and pay interest
on December 31. The bonds were sold at 97.
(c)
Your answer is partially correct.
At January 1,2027, when the carrying value of the bonds was $6,915,400, the company redeemed the bonds at 103. Record the
redemption of the bonds assuming that interest for the year had already been paid. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Bonds Payable
Loss on Bond Redemption
Discount on Bonds Payable
Cash
eTextbook and Media
List of Accounts
Debit
Credit
Jan. 1,
2027
Bonds Payable
Loss on Bond Redemption
Discount on Bonds Payable
Cash
Date Account Titles and Explanation
Jan. 1,
2027 Bonds Payable
Discount on Bonds Payable
Cash on Bond Redemption
eTextbook and Media
List of Accounts
Attempts: 1 of 2 used
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