Brief Exercise 1 16 On April 1. 2018. West Company purchased 5 4 72. 000 Of 5. 50%' bonds for $ 490. 530 plus accrued interest as an available - for-sale Security . Interest is paid on July 1 and January I and the bonds mature on July 1, 2023. "Your answer is correct . Prepare the journal Entry on April 1 , 2018 . ( Credit account titles are automatically indented when amount is entered . Do not indent manually . If no Entry is required , select " NO Entry " for the account titles and Enter ! for the amounts .! Date Account Titles and Explanation Debit Credit Apr. 1. 2018 Debt Investments 4 50530 Interest REVENUE 7570 Cash 498300 Interest REVENUE = 54 72.000 * 0.07* 3 /12 = $ 7, 570 "Your answer is correct . The bonds are sold on November 1 , 2019 at 103 plus accrued interest . Amortization was recorded when interest was received by the Straight- line method . Prepare all Entries required to properly* record the Sale . I'Credit account titles are automatically indentEd when amount is Entered DO not indent manually . If no Entry is required , select " NO Entry " for the account titles and Enter ! for the amounts . Round answers to D' decimal places , E .J. 5, 275.1 Account Titles and Explanation DEbit Credit Interest REVENUE 1183 Debt Investments 1 10.3 ( To record amortization ) Cash 10227 Interest REVENUE 10227 " To record interest* Cash 4 BEIED Gain on Sale of Investments 1 145 Debt Investments 1 8 50 1 1 [TO record the Sale of the