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1. ) Fill in the blanks please On July 1, 2024, Monty Corporation, a private company, purchased $369,600 of six-year, 5% Star Corporation bonds for
1. ) Fill in the blanks please
On July 1, 2024, Monty Corporation, a private company, purchased $369,600 of six-year, 5% Star Corporation bonds for $390,000. The bonds pay interest each June 30 . The bonds were purchased to earn interest and the market interest rate at the time of purchase was 4%. The company uses the effective-interest method to amortize any premium or discount on debt security investments. Prepare the required journal entries on July 1 and December 31, 2024, and June 30,2025. (Record entries in the order dlsplayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)Step by Step Solution
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