On January 1, Monty Corp. $2760000, 5-year, 12% bonds at 94 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a credit to Discount on Bonds Payable, $16560. credit to Discount on Bonds Payable, 533120 debit to Interest Expense, 165600. debt to Interest Expense, 5331200
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