P16-4A Financial institutions hold large quantities of bond investments. Suppose Goldman Sachs purchases $800,000 of 8% bonds of Xerox Corporation for 92 on January 31, 20x0. These bonds pay interest on January 31 and July 31 each year. They mature on July 31, 20X8. Required 1. Journalize Goldman Sachs' purchase of the bonds as a long-term investment on January 31, 20X0 (to be held to maturity). receipt of cash interest and amortization of discount on July 31, 20X0, and accrual of interest revenue and amortization of discount at December 31, 20X0. The straight-line method is appropriate for amortizing discount. 2. Show how to report this long-term bond investment on Goldman Sachs' balance sheet at December 31, 20X0.