On June 1, 2016, Ham iota Inc. (Ham iota) issued a $250,000,000 bond with a 5 percent coupon rate and a maturity date of May 31, 2026. Interest will be paid annually on May 31. Ham iota's year-end is December 31. The appropriate interest rate for a bond of this type on June 1, 2016 was 4.5 percent. Required: a. What will the proceeds be from the bond issue? b. Prepare the journal entry to record the issue of the bond on June 1, 2016