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Grocery corporation received 312341 for 260000 110 percent

Recording the Effects of a Premium Bond Issue and First Interest Payment (Effective-Interest Amortization)

Grocery Corporation received $312,341 for $260,000, 11.0 percent bonds issued on January 1, 2008, at a market interest rate of 8.0 percent. The bonds stated the interest would be paid each December 31 and that they mature on December 31, 2017 and assume Grocery Corporation uses the effective-interest method to amortize the bond premium.

Required:

Prepare the journal entry to record the bond issues.

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Accounting Basics: Grocery corporation received 312341 for 260000 110 percent

Reference No:- TGS01279338

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Accounting Basics: Grocery corporation received 312341 for 260000 110 percent

Reference No:- TGS01279338

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