The Monty Company issued $$230,000$ of $13\%$ bonds on January $1,2025.$ The bonds are due January $1,2030,$ with interest payable each July $1$ and January $1.$ The bonds were issued at $102.$

Prepare the journal entries for $($a$)$ January $1,($b$)$ July $1,$ and $($c$)$ December $31.$ Assume The Monty Company records straight$-$line amortization semiannually. $($If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

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Account Titles and Explanation

Debit

Credit

Bonds Payable

Premium on Bonds Payable

Interest Expense

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$.2025$ V

Interest Expense

Premium on Bonds Payable

The Monty Company issued $$230,000$ of $13\%$ bonds on January $1,2025.$ The bonds are due January $1,2030,$ with interest payable each July $1$ and January $1.$ The bonds were issued at $102.$

Prepare the journal entries for $($a$)$ January $1,($b$)$ July $1,$ and $($c$)$ December $31.$ Assume The Monty Company records straight$-$line amortization semiannually. $($If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

late

Account Titles and Explanation

Debit

Credit

Bonds Payable

Premium on Bonds Payable

Interest Expense

Premium on Bonds Payable