On April 1, 2021, Grouper Corporation issued $344,000, 5-year bonds. On this date, Shoreline Corporation purchased the bonds from Grouper to earn interest. Interest is received semi-annually on April 1 and October 1 and Shorelines year end is March 31. Below is a partial amortization schedule for the first three interest periods of the bond issue.

Semi-Annual Interest Period			Interest Received			Interest Revenue			Amortization			Bond Amortized Cost
April 1, 2021												$359,862
October 1, 2021			$6,880			$5,398			$1,482			358,380
April 1, 2022			6,880			5,376			1,504			356,876
October 1, 2022			6,880			5,353			1,527			355,349

Were the bonds purchased at a discount or at a premium?

Bonds purchased at a select an option

.

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What is the face value of the bonds?

Face value of the bonds

$enter the Face value of the bonds in dollars

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What will the bonds amortized cost be at the maturity date?

Bonds amortized cost at the maturity date

$enter Bonds amortized cost at the maturity date in dollars

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What is the bonds contractual interest rate? The market interest rate? (Round answers to 2 decimal places, e.g. 52.75.)

		Annual		Semi-annual
Contractual interest rate		enter percentages rounded to 2 decimal places %		enter percentages rounded to 2 decimal places %
Market interest rate		enter percentages rounded to 2 decimal places %		enter percentages rounded to 2 decimal places %

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Prepare the journal entries to record the purchase of the bonds; the receipt of interest on October 1, 2021; the accrual of interest on March 31, 2022; and the receipt of interest on April 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date

	enter an account title to record purchase of investment

	enter a debit amount	enter a credit amount
	enter an account title to record purchase of investment

	enter a debit amount	enter a credit amount
	(To record purchase of investment.)
choose a transaction date

	enter an account title to record collection of interest

	enter a debit amount	enter a credit amount
	enter an account title to record collection of interest

	enter a debit amount	enter a credit amount
	enter an account title to record collection of interest

	enter a debit amount	enter a credit amount
	(To record collection of interest.)
choose a transaction date

	enter an account title to accrue interest revenue

	enter a debit amount	enter a credit amount
	enter an account title to accrue interest revenue

	enter a debit amount	enter a credit amount
	enter an account title to accrue interest revenue

	enter a debit amount	enter a credit amount
	(To accrue interest revenue.)
choose a transaction date

	enter an account title to record the Collection of interest receivable

	enter a debit amount	enter a credit amount
	enter an account title to record the Collection of interest receivable

	enter a debit amount	enter a credit amount
	(Collection of interest receivable.)