Entries for Investment in Bonds, Interest, and Sale of Bonds The following bond investment transactions were completed during a recent year by Starks Company: Year 1 Jan. 31 July 1 Purchased 48, $1,000 government bonds at 100 plus accrued interest of $240 (one month). The bonds pay 6% annual interest on July 1 and January 1. Received semiannual interest on bond investment. Aug. 30 Sold 18, $1,000 bonds at 97 plus $180 accrued interest (two months). a. Journalize the entries for these transactions. Assume a 360-day year. Do not round interim calculations. Round final answers to nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Year 1, Jan. 31 Investments-Government Bonds Interest Revenue Cash Year 1, July 1 Cash Interest Receivable Interest Revenue Year 1, Aug. 30 Cash Loss on Sale of Investments Interest Payable Interest Receivable 48,000 240 48,240 240 b. Provide the December 31, Year 1, adjusting journal entry for semiannual interest earned on the bonds. Assume a 360-day year. Do not round interim calculations. Round final answers to nearest dollar. Year 1, Dec. 31 Interest Receivable Interest Revenue