Brief Exercise 12-1 Securities held-to-maturity; bond investment; effective interest LO12-1 Lance Brothers Enterprises acquired $695,000 of 3% bonds, dated July 1, on July 1, 2016, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 4% for bonds of similar risk and maturity. Lance Brothers paid $615,000 for the investment in bonds and will receive interest semiannually on June 30 and Deceber 31 Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July 1, 2016, and (b) to ecord interest on December 31, 2016, at the efective (market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record Lance Brothers' investment in the bonds on July 1, 2016. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal