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Using straight line amortization prepare journal entries

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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.

Reference no: EM13867891

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