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The Square Foot Grill, Inc., issued $200,000 of 10-year, 6 percent bonds on July 1, 2016, at 102. Interest is payable in cash semiannually on
The Square Foot Grill, Inc., issued $200,000 of 10-year, 6 percent bonds on July 1, 2016, at 102. Interest is payable in cash semiannually on June 30 and December 31. The straight-line method is used for amortization.
(Select "cl" for all the closing entries. Cash Premium on Bonds Payable 2016 2016 200,000 End. Bal 200,000 End. Bal. 2017 2017 End. Bal 200,000 End. Bal Bonds payable 2016 End. Bal Retained Earnings Interest Expense 2016 2016 End. Bal. 2017 End. Bal 2017 End. BalStep by Step Solution
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