Novak corp. Issued $417,000,11% 15 year bonds on december 31,2021 for $404,490.interest is payable annually on december 31. Novak uses the straight line method to amortize bond premiums or discount....

Novak corp. Issued $417,000,11% 15 year bonds on december  31,2021 for $404,490.interest  is payable  annually  on december  31. Novak uses the straight  line method  to amortize bond premiums or discount. Prepare  the journal entry  to record the payment of interest  and the discount  amortization on december 31,2022