Question 1 Monty Corp. issued $395,000, 796, 20-year bonds on January 1, 2017, for $322,883. This price resulted in an effective-interest rate of 9% on the bonds. Interest is payable annually on January 1.Monty uses the effective-interest method to amortize bond premium or discount. Prepare the schedule using effective-interest method to amortize bond premium or discount of Monty Corp. (Round answers to O decimal places, e.g. 5,250.) Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value 0 0 0 List of Accounts Prepare the journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e.3. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2017 Cash Discount on Bonds Payable Bonds Payable List of Accounts Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2017.(Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2017 Interest Expense Discount on Bonds Payable Interest Payable