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Grouper Corp.issued $380,000, 8%, 25-year bonds on January 1, 2017 for $311,015. This price resulted in an effective-interest rate of 10% on the bonds. Interest

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Grouper Corp.issued $380,000, 8%, 25-year bonds on January 1, 2017 for $311,015. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable annually on January 1. Grouper uses the effective-interest method to amortize bond premium or discount Prepare the journal entry to record the issuance of the bonds. (Round answers to decimal places, eg 5.275. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation Date Jan. 1. 2017

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