BRIEF EXEH

$2$ BE$17-1$ Garfield Company made an investment in $80,000$ of the $9\%,5-$year bonds of Chester Corporation for $74,086,$ which provides an $11\%$ return. Garfield plans to hold these bonds to collect contractual cash flows. Prepare Garfield's journal entries for $($a$)$ the purchase of the investment, and $($b$)$ the receipt of annual interest and discount amortization.