As of January 1, 2020, AdamCo acquired $60,000,000 worth of 7% bonds, which are set to mature in 5 years. The company's management has both the intention and capability to retain these bonds until their maturity. Comparable bonds with a similar level of risk and maturity were yielding 5% in the market. Interest payments are received twice a year (semi-annually), specifically on June 30 and December 31. It's worth noting that AdamCo adheres to the International Financial Reporting Standards (IFRS).

1. Prepare the journal entry to record AdamCo's investment on January 1, 2020.

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