Burroughs Corporation (with a December 31 year-end) issued $450,000, 9.5% bonds due in 8 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 8.5%, resulting in a price of $475,000 for these bonds. The premium/discount is amortized using the straight-line method. a) Is this bond issued at a discount or at a premium? Prepare the journal entry on May 1, 2013, to issue the bonds. b) Prepare the journal entry on October 31, 2013, to record the first interest payment and the amortization of the premium/discount. c) Prepare the adjusting entry on December 31, 2013. d) Show the balance sheet presentation of Bonds Payable and related accounts as at December 31, 2013.