Grocery Corporation received $330,425 for 10.50 percent bonds issued on January 1, 2018, at a market interest rate of 7.50 percent. The bonds had a total face value of $274,000, 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 nearest whole dollar.) View transaction list Journal entry worksheet 1 > Record the issuance of bonds for $330,425 with a face value of $274,000. Note: Enter debits before credits. Date General Journal Debit Credit January 01 330,425 Cash Bonds Payable Premium on Bonds Payable 274,000 5,643 View transaction list Journal entry worksheet Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Premium on Bonds Payable Interest Expense Cash Record entry Clear entry View general journal