Exercise 10-22 Grouper Corp. issued $380,000, 896, 25-year bonds on January 1, 2

Question

Exercise 10-22 Grouper Corp. issued $380,000, 896, 25-year bonds on January 1, 2017, for $311,015. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable annually on January 1. Grouper uses the effective-interest method to amortize bond premium or discount. Prepare the schedule using effective interest method to amortize bond premium or discount of Grouper Corp. Round ans ers to O decima places, e ·S25 Interest Interest to Interest Expense Periods Discount Amortization Unamortized Discount Bond Carrying Value Be Paid to Be Recorded Issue date

Explanation / Answer

Schedule :

Interest period Interest to be paid Interest expense to be recorded Discount amortization Unamortized discount Bond carrying value Issue date 311015 1 30400 31102 702 68283 311717 2 30400 31172 772 67511 312489

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