Grouper Company sells 10% bonds having a maturity value of$2,450,000 for $2,273,375. The bonds are dated January 1, 2017, andmature January 1, 2022. Interest is payable annually on January1.
Set up a schedule of interest expense and discount amortizationunder the straight-line method. (Round answers to 0decimal places, e.g. 38,548.)
Schedule of Discount AmortizationStraight-Line Method
Year
CashPaid
InterestExpense
DiscountAmortized
CarryingAmount of Bonds
Jan. 1, 2017
$
$
$
$
Jan. 1, 2018
Jan. 1, 2019
Jan. 1, 2020
Jan. 1, 2021
Jan. 1, 2022
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