Selected transactions on the books of Monty Corporation follow: May 1, 2020 Bonds payable with a par value of $700,000, which are dated January 1, 2020, are sold at 108 plus accrued interest. They are coupon bonds, bear interest at 11% (payable annually at January 1), and mature on January 1, 2030. (Use ar Dec. 31 Adjusting entries are made to record the accrued interest on the bonds and the amortization of the proper amount o Jan. 1, 2021 Interest on the bonds is paid. April 1 Par value bonds of $350,000 are repurchased at 102 plus accrued interest and are retired. (Bond premium is to be an Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortize (a) Assume that Monty follows ASPE. Prepare the journal entries for the transactions above. (Round answers to 0 decimal places, e.g. 5,275. 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1, 2020 Cash Bonds Payable Bond Interest Payable Dec 31, 2020 Interest Expense Interest Payable (To record accrued interest expense) Dec 31, 2020 Bond Interest Payable Interest Expense (To amortize the premium) Jan 1, 2021 Interest Payable Cash Apr. 1, 2021 (To amortize the premium) Apr 1, 2021 (To record reacquisition of bonds) Dec. 31. 2021 Apr. 1, 2021 (To record reacquisition of bonds) Dec 31, 2021 (To record accrued interest expense) Dec 31, 2021 (To amortize the premium)