Exercise 14-8 (Algo) Investor; straight-line method [LO14-2] Universal Foods issued 12% bonds, dated January 1, with a face amount of $140 million on January 1,2021 to Wang Communications. The bonds mature on December 31,2035 (15 years). The market rate of interest for similar issues was 14\%. Interest is paid semlannually on June 30 and December 31. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. to 3. Prepare the journal entries to record the purchase of the bonds by Wang Communications on January 1, 2021, interest revenue on June 30, 2021 and interest revenue on December 31,2028 . (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)