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Grocery Corporation recelved $315,982 for 10,00 percent bonds issued on January 1,2021 , at a market interest rate of 7.00 percent. The bonds had a
Grocery Corporation recelved $315,982 for 10,00 percent bonds issued on January 1,2021 , at a market interest rate of 7.00 percent. The bonds had a total face value of $261,000, 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 premlum. 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.) Journal entry worksheet 2 Record the issuance of bonds with a face value of $261,000 for $315,982. Note: Enter debuts before credits: Journal entry worksheet Record the interest payment on December 31. Note: Enter debits before credits
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