please answer all the journal entries and straight line discount amortization each year i need...
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please answer all the journal entries and straight line discount amortization each year
i need answers of last 2 questions
Grouper Corp. imested in a three-year, $100 face value, 8% bond paying $90.39. At this price, the bond will yield a 12% return. Interest is payable annually. Grouper uses the amortized cost model of accounting for invostments. Prepare a bond discount amortization table for Grouper, assuming Grouper uses the effective interest method required by IFRS. (Round answers to 2 decinal places, eg. 52.75.) Prepare journal entries to record the initial investment, receipt of interest, and recognition of interest income in each of the three years, and the maturity of the bond at the end of the third year. (Credit occount titles are outomaticolly Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 2 decimal ploces. es. 52.75 J End of Year 3 (To record interest collected) (To record maturity of bond investment) Assuming Grouper applies ASPE and has chosen to use the straight-line method of amortization, determine the amount of discount that is amortized each year. (Round answer to 2 decimal places, e.g. 52.75.) Straight-line discount amortization each year
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