On may $1,2025,$ Cullumber corporation purchased $1520000$ of $12\%$ bonds, interest payable on january $1$ and july $1$ for $1425276$ plus accrued intererst. The bonds mature on january $1,2031$ amortization is recorded when interest is received by the straight$-$line method. $($assume the bonds are classified as available$-$for$-$sale$)$ the bonds are sold on august $1,2026$ for $ $1412500$ plus accrued interest. Prepare all entries to properly record the saleThe bonds are sold on August $1,2026$ for $$1,412,500$ plus accrued interest. Prepare all entries required to properly record the

sale. $($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. Round answers to $0$ decimal places,

e$.$g$.5,275.)$

Account Titles and Explanation

Debit

Credit

$($To record amortization$)$

$($To record interest$)$

$($To record the sale of the bonds$)$On May $1,2025,$ Cullumber Corporation purchased $$1,520,000$ of $12\%$ bonds, interest payable on January $1$ and July $1,$ for

$$1,425,276$ plus accrued interest. The bonds mature on January $1,2031.$ Amortization is recorded when interest is received by the

straight$-$line method. $($Assume the bonds are classified as available$-$for$-$sale.$)$

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Prepare the journal entry for May $1,2025.($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.$)$