On January 1, 2020,MontyCorporation purchased a newly issued $1,500,000bond. The bond matured on December 31, 2022, and paid interest at6% every June 30 and December 31. The market interest rate was8%.Monty's fiscal year-end is October 31, and the company had the intention and ability to hold the bond until its maturity date.The bond will be accounted using the amortized cost model.

Calculate the price paid for the bond using a financial calculator or Excel functions.

PV$

Enter your answer in accordance to the question statement

amortization schedule for the bond.

Prepare the journal entries on the books ofMontyCorporation for each of the following dates.(Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

January 1, 2020June 30, 2020October 31, 2020December 31, 2020December 31, 2022(two entries) one for interest and one for maturity of bond