The Square Foot Grill, Incorporated issued $370,000 of 10-year, 8 percent bonds on July 1,...
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The Square Foot Grill, Incorporated issued $370,000 of 10-year, 8 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.
b. Prepare the liabilities section of the balance sheet at the end of Year 1 and Year 2. SQUARE FOOT GRILL, INCORPORATED Balance Sheet (Partial) As of December 31 Year 1 Year 2 Liabilities Bonds payable Discount on bonds payable Net carrying value of bonds Total liabilities
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