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Prepare journal entry to record payment of interest on oct

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On October 1, 2021, Monty Corp. issued $828,000, 7%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial statements are prepared annually on December 31.

Problem 1: Prepare the journal entry to record the payment of interest on October 1, 2022.

Reference no: EM132816237

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