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Prepare the adjusting entry to record accrual of interest

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Reference no: EM132810101

On October 1, 2021, Monty Corp. issued $828,000, 7%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial statements are prepared annually on December 31.

Problem 1: Prepare the adjusting entry to record the accrual of interest on December 31, 2022.

Reference no: EM132810101

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