My answer: Partially wrong and I don't know why. I would like to know how to do it properly now so I can do it right in the future please.

On January 1, 2024, Concord Company acquired all the assets and assumed all the liabilities of Cullumber Company and merged Cullumber into Concord. In exchange for the net assets of Cullumber, Concord gave its bonds payable with a maturity value of $611,000, a stated interest rate of 9%, interest payable semiannually on June 30 and December 31 , a maturity date of January 1 , 2034 , and a yield rate of 12\%. Balance sheets for Concord and Cullumber (as well as fair value data) on January 1,2024 , were as follows: Prepare the journal entry on the books of Concord Company to record the acquisition of Cullumber Company's assets and liabilities in exchange for the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Prepare the journal entry on the books of Concord Company to record the acquisition of Cullumber Company's assets and liabilities in exchange for the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)