Bond Investment Transactions Journalize the entries to record the following selected bond investment transactions for Starks Products: For a compound transaction, if an amount box does not require an entry, leave it blank. a. Purchased for cash $120,000 of Iceline, Inc. 5% bonds at 100 plus accrued interest of $1,000, paying interest semiannually. 88. b. Received first semiannual interest payment. c. Sold $60,000 of the bonds at 101 plus accrued interest of $500. b. Received first semiannual interest payment. Cash Interest Receivable 3,000 1,000 X 2,000 Interest Revenue Feedback Check My Work b. Record the interest revenue as eamed. Bond principal x interest rate x time Total interest. Remember to consider any receivable on the books. c. Sold $60,000 of the bonds at 101 plus accrued interest of $500. Cash Interest Revenue Gain on Sale of Investments 61,100 60,000 X 500 X 600 X Investments Iceline Inc. Bonds Feedback Check My Work c. Calculate the proceeds: First compute the % x face amount of bonds sold. Next, adjust the amount for any accrued interest and commission. To complete the entry, determine any gain or loss on the transaction