The Square Foot Grill, Inc. issued $320,000 of 10-year, 7 percent bonds on July 1,...
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The Square Foot Grill, Inc. issued $320,000 of 10-year, 7 percent bonds on July 1, Year 1, at 102. Interest is payable in cash semiannually on June 30 and December 31. The straight-line method is used for amortization.
c. What amount of interest expense will Square Foot report on the financial statements for Year 1 and Year 2?
d. What amount of cash will Square Foot pay for interest in Year 1 and Year 2?
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