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i NEED HELP AS SOON IS POSSIBLE PLEASE Exercise 14-9 (Part Level Submission) On June 30, 2017, Monty Company issued $3,500,000 face value of 13%,
i NEED HELP AS SOON IS POSSIBLE PLEASE
Exercise 14-9 (Part Level Submission) On June 30, 2017, Monty Company issued $3,500,000 face value of 13%, 20-year bonds at $3,763,303, a yield of 12%. Monty uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. v (a) Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2017. (2) The payment of interest and the amortization of the premium on December 31, 2017. (3) The payment of interest and the amortization of the premium on June 30, 2018. (4) The payment of interest and the amortization of the premium on December 31, 2018. Account Titles and Explanation Debit Credit No. | Date (1) June 30, 2017 (2) December 31, 2017 (3) June 30, 2018 (4) December 31, 2018 Click if you would like to Show work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part aboveStep by Step Solution
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