Monty, Inc. had outstanding $$6,170,000$ of $11\%$ bonds $($interest payable July $31$ and January $31)$ due in $10$ years. On July $1,$ it issued $$9,200,000$ of $10\%,15-$year bonds $(\text{'}$Interest payable Juty $1$ and Jantiary $1)$ at $99.$ A portion of the proceeds was used to call the $11\%$ bonds $($with unamortized discount of $$61,700)$ at $101$ on August $1.$

Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. $($Record entries in the order displayed in the problem statement. 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 the amount is entered. Do not indent manually. List alf debit entries before credit entries.$)$

Date Account Titles and Explanation