On January 1, 2023, Grand Teton Corporation issues $450,000, 5-year, 8% bonds at 96. Interest...
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On January 1, 2023, Grand Teton Corporation issues $450,000, 5-year, 8% bonds at 96. Interest is. paid semiannually on January 1 and July 1. Grand Teton uses the straight-line method of amortization. The company's fiscal year ends on December 31. The necessary journal entry on July 1, 2023 is: debit Cash for $18,000; debit Discount on Bonds Payable for $1,800 and credit Interest Expense for
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