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On December 31, 2013, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on

On December 31, 2013, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31.

Prepare the necessary journal entry on December 31, 2017, assuming the straight-line method is followed. If an amount box does not require an entry, leave it blank.

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