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Grocery Corporation received $301232 for 14.00 percent bonds issued on January 1, 2018, at a market interest rate of 11.00 percent. The bonds had a
Grocery Corporation received $301232 for 14.00 percent bonds issued on January 1, 2018, at a market interest rate of 11.00 percent. The bonds had a total face value of $256,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the effective-interest 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 1 2 > Record the issuance of bonds for $301,232 with a face value of $256,000 Note Enter debits before credits Dato General Journal Debilt Credit Journal entry worksheet
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