The following section is taken from Monty's balance sheet at December 31, 2021. Current liabilities Interest payable Long-term liabilities $55,500 Bonds payable (10%, due January 1, 2025) 555,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. (a) Journalize the payment of the bond interest on January 1, 2022 (b) Assume that on January 1, 2022, after paying interest, Monty calls bonds having a face value of $150,000. The call price is 107. Record the redemption of the bonds. (c) Prepare the adjusting entry on December 31, 2022, to accrue the interest on the remaining bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (a) Jan. 1 Interest Payable Cash (b) Jan. 1 Bonds Payable Loss on Bond Redemption Cash (c) Dec. 31 Interest Expense Interest Payable Debit 55500 150000 Credit 55500