Grocery Corporation received $300,516 for 12.00 percent bonds Issued on January 1, 2021, at a market...

 

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Grocery Corporation received $300,516 for 12.00 percent bonds Issued on January 1, 2021, at a market Interest rate of 9.00 percent. The bonds had a total face value of $252,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the straight-line method to amortize the bond premium. Required: 1. & 2. Prepare the required journal entries to record the bond Issuance and the first Interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar) View transaction list Journal entry worksheet 2 Record the issuance of bonds for $300.516 with a face value of $252,000. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Journal entry worksheet 1 2 Record the interest payment on December 31. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal Grocery Corporation received $300,516 for 12.00 percent bonds Issued on January 1, 2021, at a market Interest rate of 9.00 percent. The bonds had a total face value of $252,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the straight-line method to amortize the bond premium. Required: 1. & 2. Prepare the required journal entries to record the bond Issuance and the first Interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar) View transaction list Journal entry worksheet 2 Record the issuance of bonds for $300.516 with a face value of $252,000. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Journal entry worksheet 1 2 Record the interest payment on December 31. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal

Answer rating: 100% (QA)

Heres the journal entry to record the issuance of bonds for 300516 with a face value of 252000 on Ja... View the full answer