Refer to the information for Ironman Steel above. On December 31, 2011, Ironman Steel issued $800,000, eight-year

Question:

Refer to the information for Ironman Steel above.
On December 31, 2011, Ironman Steel issued $800,000, eight-year bonds for $880,000.
The stated rate of interest was 6 percent and interest is paid annually on December 31.

Required:
Prepare the necessary journal entry on December 31, 2015, assuming the straight-line method is followed.