Question
Simko Company issued $730,000, 10-year, 4 percent bonds on January 1, 2015. The bonds were issued for $700,000. Interest is payable annually on December 31.
Simko Company issued $730,000, 10-year, 4 percent bonds on January 1, 2015. The bonds were issued for $700,000. 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
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Integrated Audit Practice Case
Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens
7th Edition
0912503688, 978-0912503684
