The following section is taken from Monty Corp.'s balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities Bonds payable, 7%, due January 1, 2024 (a) Bond interest is payable annually on January 1. The bonds are callable on any interest date. Date Account Titles and Explanation Journalize the payment of the bond interest on January 1, 2022. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) Jan. 1 $ 124,600 Interest Payable 1,780,000 Cash Debit 124600 Credit 124600

The following section is taken from Monty Corp.'s balance sheet at December 31,2021. Bond interest is payable annually on January 1 . The bonds are callable on any interest date. (a) Journalize the payment of the bond interest on January 1, 2022. (Credit account titles are automatically indented when amount is entere Do not indent manually.) Assume that on January 1, 2022, after paying interest, Monty calls bonds having a face value of $585,500. The call price is 103 . Record the redemption of the bonds. (Credit occount tities are automatically indented when amount is entered. Do not indent manually.) (c) Prepare the entry to record the accrual of interest on December 31, 2022. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Prepare the entry to record the accrual of interest on December 31, 2022. (Credit occount tities are automatically indented when amount Is entered. Do not indent manually