Grocery Corporation received $300,328 for $250,000, 11% bonds issued on January 1, 2009, at a market interest rate of 8%. The bonds stated that the interest would be paid each December 31 and that they mature on December 31, 2018.
1) Prepare the journal entry to record the bond issuance.
2) Prepare the journal entry to record the interest payment on December 31, 2009.