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Prepare the journal entry to record interest paid

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On January 1, 2015, Buchheit Enterprises reported $ 95,000 in a liability called Bonds Payable, Net. This liability related to a $ 100,000 bond with a stated interest rate of 5 percent that was issued when the market interest rate was 6 percent. Assuming that interest is paid December 31 each year, prepare the journal entry to record interest paid on December 31, 2015, using the simplified effective-interest method shown in Chapter Supplement 10C. 

Reference no: EM13867883

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