Simko Company issued $ 600,000, 10-year, 5 percent bonds on January 1, 2015. The bonds were issued

Question:

Simko Company issued $ 600,000, 10-year, 5 percent bonds on January 1, 2015. The bonds were issued for $ 580,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record
(a) The bond issuance on January 1, 2015, and
(b) The payment of interest on December 31, 2015.