On January 1, 2024, for $18 million, Monument Company purchased 10 year, 10% bonds, dated January 1, 2024, with a face amount of $20 million. For bonds of similar risk and maturity, the market yield is 13%. Interest is paid semiannually on June 30 and December 31. Required: 1. Prepare the journal entry to record interest on June 30, 2024, using the straight-line method. 2. Prepare the journal entry to record interest on December 31, 2024, using the straight-line method.

Complete this question by entering your answers in the tabs below. Prepare the journal entry to record interest on June 30 , 2024, using the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter you answers in whole dollars not in millions (i.e., 1,000,000 not 1 ). Complete this question by entering your answers in the tabs below. Prepare the journal entry to record interest on December 31, 2024, using the straight-line method. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1)