Grocery Corporation received $316,065 for 9.50 percent bonds issued on January 1, 2021, at a market interest rate of 6.50 percent. The bonds had a total face value of $260,000, stated that interest would be paid each December 31 , and stated that they mature in 10 years. Assume Grocery Corporation uses the effective-interest 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 occount field. Round your answers to the nearest whole dollar.) Grocery Corporation received $316,065 for 9.50 percent bonds issued on January 1,2021, at a market interest rate of 650 percent The bonds had a total face value of $260,000, stated that interest would be paid each December 31 , and stated that they mature in 10 years. Assume Grocery Corporation uses the effective-interest 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 neerest whole doller.)