bonds are quoted at $98.$

Note: When answering the following questions, round answers to the nearest whole dollar.

a$.$ Prepare the entry for the purchase of the debt investment on January $1.$

$\backslash$table$[[$Date$,$Account Name,Debit,Credit$],[$Jan$.1,,0,0],[,0,0],[$To record the purchase of investment.,,$]]$

b$.$ Prepare the entry for the receipt of interest and to update the investment's carrying value on December $31.$

$\backslash$table$[[$Date$,$Account Name,,Debit,Credit$],[$Dec$.31,,,0,0],[,,0,0],[$:$,,0,0],[$To record the receipt of interest.,,,$]]$

c$.$ Record the entry to adjust the investment to fair value on December $31,$ if applicable.

Note: If a journal entry isn't required for the transaction, select $"$N$/$A$$Debit$"$ and $"$N$/$A$-$Credit" as the account names and leave the Dr$.$ and Cr$.$ answers blank $($zero$).$