assets = libilities + stockholders' equity. cash = bonds pay+interest pay+common stock + revenue-expense-dividend

On August 1, 2017, Monty Corp. issued $490,800, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Monty's year-end is December 31. Prepare a tabular summary to record the following events. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017. (c) The payment of interest on August 1, 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) Assets Liabilities Cash Bonds Pay. Interest Pay. Common (a) Aug.1, 2017 490,800 490 800 (b) Dec. 31, 2017 (c) Aug. 1, 2018