Answer Happy

On January 1, 2020, Cullumber Company sold 11% bonds having a maturity value of $500,000 for $559,889, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Cullumber Company allocates interest and unamortized discount or premium on the effective-interest basis.

Prepare a schedule of interest expense and bond amortization for 2020-2022. (Round answer to 0 decimal places, e.g. 38,548.) Date 1/1/20 12/31/20 12/31/21 12/31/22 Cash Paid Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Interest Expense Premium Amortized $ Carryi Amount of