Question - Alpha Company purchased $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid annually on June 30. The straight line method of amortization is used for both premiums & discounts. Use this information to record Alpha Company's General Journal Entry (without explanation) for June 30, 2016. If no entry is required then write "No Entry Required".
This is a journal entry. I got debit interest exp for $60, credit cash for $50, and credit discount on bond for $10 but I don't think that right. Can you show me how to get the solution?