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Brief Exercise 14-04 The Monty Company issued $310,000 of 10% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable
Brief Exercise 14-04 The Monty Company issued $310,000 of 10% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 104. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Monty Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Jan. 1, 2020 (b) July 1, 2020 Dec. 31, 2020 (c)
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