Assume that the bonds in BE14-11 were issued at 103. Assume also that Grenier Limited records the

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Assume that the bonds in BE14-11 were issued at 103. Assume also that Grenier Limited records the amortization using the straight-line method. Prepare the journal entries related to the bonds for
(a) January 1,
(b) July 1, and
(c) December 31.
In BE14-11
Grenier Limited issued $300,000 of 10% bonds on January 1, 2017. The bonds are due on January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Grenier uses the effective interest method.
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Intermediate Accounting

ISBN: 978-1119048541

11th Canadian edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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