Create journal entries for the following:

On March 1, Holister Electric Inc. issued and sold $300,000, 9 year bonds with an interest rate of 9%. The market rate at the time of issue was 10%. Any premium or discount on the bond is amortized using the effective interest rate method. Interest will be paid annually on February 28. The Present value of 1 and annuity of 1 of 10% for 6 periods are 0.4241 and 5.759, respectively. Use a 4 decimal factor for the bond calculation.