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On August 1, 2022. Monty Corp issued $540,000,11%,10-vear bonds at face value. Interest is payable...

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Accounting

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On August 1, 2022. Monty Corp issued $540,000,11%,10-vear bonds at face value. Interest is payable annually on August 1. Monty/s year-end is December 31 . (a) Prepare the journal entry to record the issuance of the bonds. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.) (b) Prepare the journal entry to record the accrual of interest on December 31.2022 (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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