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Prepare the journal entry to record the payment of interest

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Question - Cullumber Company issued $620,000, 11%, 10-year bonds on December 31, 2019, for $550,000. Interest is payable annually on December 31. Cullumber Company uses the straight-line method to amortize bond premium or discount.

The journal entry to record the issuance of the bonds.

Account Titles and Explanation Debit Credit

Cash 550000

Discount on bonds Payable 70000

Bonds Payable 620000

Required - Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2020.

Reference no: EM132768298

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