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Grocery Corporation recelved $300,409 for 11.50 percent bonds issued on January 1, 2021, at a market interest rate of 8.50 percent. The bonds had a
Grocery Corporation recelved $300,409 for 11.50 percent bonds issued on January 1, 2021, at a market interest rate of 8.50 percent. The bonds had a total face value of $251,000, 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 joutnal 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.) Journal entry worksheet 2 Record the issuance of bonds with a face value of $251,000 for $300,409. Nutai Intan defais before credis. nearest whole dollar.) Journal entry worksheet 2 Record the issuance of bonds with a face value of $251,000 for $300,409. Note: Enter debits before credits. Journal entry worksheet Record the interest payment on December 31 . Note: Enter debits before credits
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