On May $1,2023,$ Cullumber Corporation, a publicly listed corporation, issued $$231,000$ of five$-$year, $8\%$ bonds, with interest payable semi$-$annually on November $1$ and May $1.$ The bonds were issued to yield a market interest rate of $6\%.$ Cullumber uses the effective interest method.

Prepare the journal entries to record the first and second interest payments on November $1,2023,$ and May $1,2024.($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 $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.5,275.)$

Date

Account Titles and Explanation

Debit

Credit

Interest Expense