Reference no: EM132418785
Problem: Grove Corporation issued $7,000,000 of 8% coupon rate bonds on January 1, 2017, due on January 1, 2022. The interest is to be paid each January 1 and July 1 beginning July 1, 2017. The bonds were sold to yield 10% effective annual interest. Grove Corporation closes its books annually on December 31 and uses the effective interest method for its bonds.
Required:
Question 1: Calculate the present value of the bonds at issuance. Show all work.
Question 2: Prepare a PARTIAL amortization schedule for just the first two semiannual interest periods in the space provided:
Question 3: Prepare Grove's necessary journal entry to record the issuance of the bonds on January 1, 2017.
Question 4: Prepare Grove's necessary journal entry to record the first interest payment on July 1, 2017.
Question 5: Prepare Grove's necessary adjusting entry on December 31, 2017
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