Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2018. The bonds were issued for

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Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2018. 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, 2018, and

(b) The payment of interest on December 31, 2018.

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Fundamentals of Financial Accounting

ISBN: 978-1259864230

6th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Question Posted: Jul 16, 2019 01:48 PM

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Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2018. The bonds were issued for

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a January 1 2018 Cash 580000 Discount on Bonds P...View the full answer

Fundamentals of Financial Accounting

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