Gridley Ltd. issued 800,000, 11%, 10-year bonds on December 31, 2016, for 730,000. Interest is payable annually
Question:
Instructions
Prepare the journal entries to record the following.
(a) The issuance of the bonds.
(b) The payment of interest and the discount amortization on December 31, 2017.
(c) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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