Business, 05.06.2020 20:58 nmg9

Grocery Corporation received $304,828 for 13.00 percent bonds issued on January 1, 2015, at a market interest rate of 10.00 percent. The bonds had a total face value of $254,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Prepare journal entry by indicating (a) whether it is reported on the Balance Sheet (B/S) or Income Statement (I/S); (b) the dollar amount by which the account increases, decreases, or does not change (0) when Grocery Corporation issued the bonds; and (c) the direction of change in account [increase, decrease, or no change] when Grocery Corporation records the interest payment on December 31.

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Grocery Corporation received $304,828 for 13.00 percent bonds issued on January 1, 2015, at a market...