Chapt On January 1", 2016 Danty Corp. purchased $500,000 of Ticktoc 20 year 10% bonds (currem Assigament #2 ACC 1145 Question #3 market interest rate is 10%) for par. Interest will be paid each December 31. Prepare the journal entry to record the PURCHASE of bonds on January 1". Que Prepare the journal entry required on December 31s. Prepare the joumal entry to record the repayment (or retirement) of Bonds on January 1", in 20 years. $3