Recording the Issuance of a New Bond and the Payment of Interest (Straight-Line Amortization)
Ernst Company issued $600.000. 10-year. 9 percent bonds on January 1. 2011. The bonds sold for $620.000. Interest is payable annually each December 31. Record the sale of the bonds on January 1. 2011. and the payment of interest on December 31, 2011. using straight-line amortization.
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