On January $1,2022,$ Monty Corp. issued $$3,140,000$ face value, $12\%,10-$year bonds at $$2,969,616.$ This price resulted in an effectiveinterest rate of $13\%$ on the bonds. Monty uses the effective$-$interest method to amortize bond premium or discount. The bonds pay annual interest January $1.$

$($a$)$

Prepare the journal entry to record the issuance of the bonds on January $1,2022.($Credit account titles are automatically indented when amount is entered. Dd not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1,$

$2022$