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  3. on january 1,2024, cullumber ltd. issued bonds wit

On January 1,2024, Cullumber Ltd. issued bonds with a maturity value of $6.70 million when...

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Accounting

On January 1,2024, Cullumber Ltd. issued bonds with a maturity value of $6.70 million when the market rate of interest was 43%. The bonds have a coupon contractuall interest rate of 5% and mature on January 1,2034, Interest on the bonds is payable semi-annually on July 1 and January 5 of each year. The company's year end is December 31.
2) Prepare a bond ammortiation schedule from the date of issue upto and including january 1,2027
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