Burroughs Corporation (with a December 31 year-end) issued $416,000, 7% bonds due in 9 years on May 1, 2013. Interest is paid semi-annually on October 31 and April 30 of each year. On the issuance date, the market rate of interest was 8%, resulting in a price of $390,000 for these bonds. The premium/discount is amortized using the straight-line method. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter a) Is this bond issued at a discount or at a premium?: Prepare the journal entry on May 1, 2013, to issue the bonds. Date Account Title and Explanation Debit Credit May 1 b) Prepare the journal entry on October 31, 2013, to record the first interest payment and the amortization of the premium/discount. Date Account Title and Explanation Debit Credit Oct 31 c) Prepare the adjusting entry on December 31, 2013. Date Account Title and Explanation Debit Credit Dec 31