Grocery Corporation received $301,001 for 13.50 percent bonds issued on January 1, 2021, at a market interest rate of 10,50 percent. The bonds had a total face value of $255,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the straight-line method to amortize the bond premium 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.) View transaction list Journal entry worksheet Record the issuance of bonds for $301,001 with a face value of $255,000. Note: Enter debits before credits Debit Credit Date 301,001 January 01 General Journal Cash Premium on Bonds Payable Bonds Payable 46,001 255,000 Next > Journal entry worksheet