Problem: On March 1, Gescan Electric Inc. issued and sold $312,000, 7 year bonds with an interest rate of 9%. The market rate at the time of issue was 10%. Any premium or discount on the bond is amortized using the effective interest rate method. Interest will be paid annually on February 28. The Present value of 1 and annuity of 1 of 10% for 6 periods are 0.5132 and 4.8684, respectively. Use a 4 decimal factor for the bond calculation. Prepare journal entries