Gracious Inc. issued $6,000,000 of 8% bonds on October 1, 2020, due on October 1,...
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Accounting
Gracious Inc. issued $6,000,000 of 8% bonds on October 1, 2020, due on October 1, 2025. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. Grove Corporation closes its books annually on December 31.
Instructions
(a) Complete th Carrying Amount of the Bonds as of April 1, 20201. Use the effective-interest method.
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