nt/mainfr.uni IS Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING Gra

Question

nt/mainfr.uni IS Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING Gradebook ORION Downloadable eTextbook gnment Problem 127 Grove Corporation issued S6,000,000 of 896 bonds on October 1, 2017, due on October 1, 2022. The interest is to be paid twice a year on April 1 and October bonds were sold to yield 10% effective annual interest. Grove Corporation closes its books annually on December 31. Your answer is partially correct. Try again. Credit Interest Expense Bond Discount Amount of Bonds Debit Date 1, 2017 April 1, 2018 Credit Cash $5,536,676 2,40,000 2,76,834 36,834 55,73,510 - October 1, 2018- -s 676 56,12,186 2,40,000 2,78,676 Your answer is partially correct. Try again.

Explanation / Answer

debit Credit CV amount Date credit interest bond of cash expense discount bonds Oct 1,2017             5,536,676 April1,2018             240,000             276,834             36,834             5,573,510 oct 1,2018             240,000             278,676             38,676             5,612,186 6,000,000*8%*1/2       240,000.00 Date Account titles & explanations Debit Credit 12/31/2018 interest expense     140,305.00 discount on bonds             20,305.00 interest payable                120,000 interest expense       695,814.80 ( I see most of ur answers are right but I think u need to work on commas coz of which ur answers are marked wrong)

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