Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2012. The bonds were issued…

Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2012. The bonds were issued…

Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2012. 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, 2012, and (b) the payment of interest on December 31, 2012. View Solution:
Simko Company issued 600 000 10 year 5 percent bonds on January

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