Question: Cullumber equipment Ltd. Issued 11% five-year bonds with a face value of 82,890000 on October 1st 2024. The bonds were issued at par and pay

Cullumber equipment Ltd. Issued 11% five-year bonds with a face value of 82,890000 on October 1st 2024. The bonds were issued at par and pay interest on March 31 and September 30 each year. Cullumbers year end is December 31. Prepare the journal entries required at December 31, 2024, and the entries for the interest payments on March 31 and September 30, 2025.

Show the journal entries to record the first two payments on these bonds. Ignore year-end accruals of interest.

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