Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest ispayable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.)2View transaction listJournal entry worksheet<WS1Note: Enter debits before credits.Record the interest payment on December 31, 2021.DateDecember 31, 20212XRecord entry#3ED$4CGeneral JournalClear entryRF%5V< PrevT< 6DebitGCreditView general journalMacBook Pro7 of 7YB&7HNext >U008NJ((910KMHelpOVSa Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest ispayable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No JournalEntry Required" in the first account field.)View transaction listJournal entry worksheet<S1Record the issuance of bonds with a face value of $670,000 for $615,000.Note: Enter debits before credits.WDateJanuary 01, 2021X2Record entry#W =3QED4CGeneral JournalClear entryRFLer de%5V< PrevT< 6^GDebitView general journalMacBook ProCredit7 of 7YB&7HNext >U#008NJपिक1(-0(9KM5,5HelpOLV26Save & ExitP

When, the debentures are issued at less than par value, it is has been issued at discount. The…

Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January 1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Help Gradit

Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued for $615,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January 1, 2021, and (b) the payment of interest on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Help Gradit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 5PA: Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July...

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