Ace Limited purchased a 7.5% bond with a face value of $ 1,000 for trading purposes, accounting for the investment at fair value through net income on September 1, 2020. The bond was priced at 1.022 to yield Ace Limited 6% and pays interest annually each September 1. Ace Limited has a December 31 year end, and at this date, the bond's fair value was $ 1,050. Ace Limited applies ASPE and follows a policy of not reporting interest income separately from investment income. Required a) Prepare the journal entry for Ace Limited's purchase of the bond. (5 marks) b) Prepare the journal entry for Ace Limited's interest entry on December 31. (7 marks) c) Prepare the journal entry for Ace Limited's year-end fair value adjustment