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Category > Business & Finance Posted 02 Aug 2017 My Price 8.00

Grove Corporation issued $800,000

Grove Corporation issued $800,000 of 8% bonds on October 1, 2010, due on October 1, 2015. The interest is to be paid twice a year on April 1. The bonds were sold to yield 10% effective annual interest. Grove Corporation closes its books annually on December 31.

Instructions
(a) Complete the following amortization schedule for the dates indicated. Use the effective-interest method. Credit Cash Debit interest Expense Credit Bond Discount Carrying Amount of Bonds
1-Oct-10
1-Apr-11
1-Oct-11
(b) Prepare the adjusting entry for the December 31, 2011. Use the effective-interest method

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Status NEW Posted 02 Aug 2017 05:08 PM My Price 8.00

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