Exercise 9-5 on January 1, 2017, Flint Limited paid $500 253 90 for 12% bonds with a maturity value of $465,000. The bonds provide the bondholders with a 10% ed They are date January 1, 2017, and mature on January 1, 2022, with interest receivable on December 31 of each year. Flint accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December 31 year end. Assume that Flint hopes to make a gain on the bonds as interest rates are expected to fal Flint accounts for the bonds at fair value with changes in value taken to net income, and separately recognizes and reports interest income. The fair value of the bonds at December 31 of each year end is as follows 2017 $496,800.00 2018 $478,950.00 2019 $477,090.00 2020 $471,510.00 2021 $465,000.00 Prepare the journal entry at the date of the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places. eg, 527 ) Account Titles and Explanation Debit Credit 500253.90 Cash 500253.90 Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2017, 2018, and 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Dec 31, 2017 Cash Interest Income To record interest income) Dec 31, 2017FV-NI Investments (To record gain or loss.) Dec 31, 2018 (To record interest income) (To bring the investments to their fair value) (To record interest income) (To record gain or loss)