Question: Brief Exercise 9-51 Debt Issued at a Premium (Straight Line) On January 1. 2020, Solomon Crafts issued 60,000 8-year bonds with $1,000 face value. External

Brief Exercise 9-51 Debt Issued at a Premium (Straight Line) On

Brief Exercise 9-51 Debt Issued at a Premium (Straight Line) On January 1. 2020, Solomon Crafts issued 60,000 8-year bonds with $1,000 face value. External markets value the bonds at $630,000 more than face value. The stated rate of interest on Solomon's bonds is 5% , and interest is paid annually on December 31 Required Prepare the necessary journal entry on December 31, 2021, assuming the straight-line method followed. 2021 Dec, 31 (Record interest expense.)

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