12 E10-13 (Supplement 10C) Recording the Effects of a Premium Bond Issue and First Interest Period (Simplified Effective-Interest Amortization) (LO 10-S3] 2.21 points Grocery Corporation received $300,328 for 11 percent bonds issued on January 1, 2018, at a market interest rate of 8 percent. The bonds had a total face value of $250,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation accounts for the bond using the shortcut approach. 02:51:09 Required 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) X Answer is not complete. No Date General Journal Debit Credit 1 January 01 Cash 300,328 50,328 X Premium on Bonds Payable Bonds Payable, Net 250,000 X 2 December 31 22,467 Interest Expense Premium on Bonds Payable 5,003 X 27,500 Cash