On March 1, 2018, The Grecian Halls issued $750,000 of 10-year, 7 percent bonds payable. The bonds were sold for $735,000. The bonds pay interest ea August 31 and February 28, and any discount or premium is amortized using straight-line amortization. Read the requirements. Requirement 1. Fill in the blanks to complete each statement. a. The Grecian Halls' bonds are priced at (express the price as a percentage) 98 %. b. When The Grecian Halls issued its bonds, the market interest rate was higher than 7 percent. c. The amount of bond discount or premium is $ 15,000 Requirement 2. Record each transaction. (Do not round any intermediary computations, but then round all amounts you enter into the journal entry tables to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries.) a. Issuance of the bonds payable on March 1, 2018 Date Mar 1 Cash Journal Entry Accounts Debit Credit 735,000 15,000 750,000 Discount on bonds payable Bonds payable On March 1, 2018, The Grecian Halls issued $750,000 of 10-year, 7 percent bonds payable. The bonds were sold for $735,000. The bonds pay interest August 31 and February 28, and any discount or premium is amortized using straight-line amortization. Read the requirements. b. Payment of interest (and amortization of discount or premium, if any) on August 31, 2018. Date Aug 31 Interest expense Journal Entry Accounts Discount on bonds payable Cash Debit Credit 25,500 750 26250 c. Accrual of interest (and amortization of discount or premium, if any) on December 31, 2018 Date Journal Entry Accounts O Dec 31 Interest expense Discount on bonds payable Cash Debit Credit 4,500 125 4375 On March 1, 2018, The Grecian Halls issued $750,000 of 10-year, 7 percent bonds payable. The bonds were sold for $735,000. The bonds pay interest e August 31 and February 28, and any discount or premium is amortized using straight-line amortization. Read the requirements. Aug 31 interest expense Discount on bonds payable Cash 25,500 750 26250 c. Accrual of interest (and amortization of discount or premium, if any) on December 31, 2018 Journal Entry Accounts Date Dec 31 Interest expense Discount on bonds payable Cash Debit Credit 4,500 125 4375 Requirement 3. At what amount will The Grecian Halls report the bonds on its balance sheet at December 31, 2018? C. On its balance sheet at December 31, 2018, the company will report the bonds at of $