On January 1, 2020, Cullumber Company issued $400,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds.  Date Account Titles and Explanation Debit Credit Jan. 1               (b) Prepare the journal entry to record the accrual of interest on December 31, 2020.  Date Account Titles and Explanation Debit Credit Dec. 31               (c) Prepare the journal entry to record the payment of interest on January 1, 2021.  Date Account Titles and Explanation Debit Credit Jan. 1

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