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Problem 10-8A (Part Level Submission) Grouper Corporation sold $2,510,000, 8%, 5-year bonds on January 1,...

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Accounting

Problem 10-8A (Part Level Submission)

Grouper Corporation sold $2,510,000, 8%, 5-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. Grouper Corporation uses the straight-line method to amortize bond premium or discount.

Prepare journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at 99.

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