3. On January 1, 2020, Saturn Inc. acquired bonds of Mars Ltd., to yield the current market rate of 12 marks interest. The bonds were dated January 1, 2020, and mature on December 31, 2024, with interest payable annually on January 1. Saturn will use the FV-NI model and the effective interest method of amortization of bond premium or discount $ Face value of bonds Coupon rate Market rate on Jan. 1, 2020 Fair value at Dec 31, 2020 115,000 9% 10% 117,300 Required: Prepare the following entries for Satum Inc., rounding all values to the nearest dollar a) the acquisition of bonds on January 1, 2020, b) any year-end entries required at December 31, 2020, and c) the receipt of the first interest payment on January 1, 2021