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Prepare the journal entry to record the issuance of bonds

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Question - Monty Corp. sold $3,000,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Monty Corp. uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102.

Prepare the journal entry to record the issuance of the bonds on January 1, 2022.

Prepare a bond premium amortization schedule for the first four interest periods.

Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023.

Reference no: EM133175292

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