E10-13 (Supplement 10C) Recording the Effects of a Premium Bond issue and First Interest Period (Simplified Effective-Interest Amortization) (LO 10-S3) 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 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.) No Data 1 January 01 Answer is complete but not entirely correct. General Journal Debit Cash 300,328 Bonds Payable, Net Premium on Bonds Payable Credit 25,000 X 50.328 2 December 31 Interest Expense Premium on Bonds Payable Cash 22,467 5,033 X 27.500