Accounting for Debt securltles-Trading Gressens Company had the following transactions and adjustments related to a bond investment: 2016 Oct. Purchased $1,000,000 face value of Skyline, Inc's 7 percent bonds at 97 plus a brokerage commission of $1,000. The bonds pay interest on September 30 and 1 31 and mature in 20 years. Gressens expects to sell the bonds in the near future. Dec. 31 Made the adjusting entry to record interest earned on investment in the Skyline bonds. Dec. 31 Made the adjusting entry to record the current fair value of the Skyline bonds. At December 31, the market value of the Skyline bonds was $980,00o. 2017 Mar. 31 Received the semiannual interest payment on investment in the Skyline bonds Apr Sold the Skyline bond investment for $984,600 cash. Record the transactions and adjustments of the Gressens Company using journal entries General Journal Date Description Debit Credit 10/1/2016 Bond trading (Skyline) 971,000 Cash 971,000 To record purchase of debt securities t -k--gx__oy 12/31/2016 Bond interest receivable