E$10-9($Static$)$ Indicating the Effects of a Premium Bond Issue and Interest Payment on the Financial Statements $[$LO $10-3]$

Grocery Corporation received $$300,328$ for $11$ percent bonds issued on January $1,2021,$ at a market interest rate of $8$ percent. The bonds had a total face value of $$250,000,$ stated that interest would be paid each December $31,$ and stated that they mature in $10$ years.

Required:

Prepare the following table for each account 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 when Grocery Corporation issues the bonds; and $($c$)$ the direction of change in the account $[$increase$,$ decrease, or no change$]$ when Grocery Corporation records the interest payment on December $31.$