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le journal entries to record the semiannual interest on (1) July 1, 2017, and (2) December 31, 2017 (d) If the fair value of Aguirre bonds is $402,077 on December 31, 2018, prepare the necessary adjusting entry. (Assume the fair value justment balance on January 1, 2017, is a debit of $3,226.) (e) Prepare the journal entry to record the sale of the bonds on January 1, 2019. (Round answers to decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not inst a lly. If entry is required, select "No Entry for the account titles and enter for the amounts.) No. Date Account Tities and Explanation Debat (6 (1) July 1, 2017 Credit (2) Dec 31, 2017 11 lllllll ar 31. 2018 On January 1, 2017, Ayayal Company purchased $430,000, 10% bonds of Aguirre Co, for $398,350. The bonds were purchased to yield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2022. Ayayal Company uses the effective interest method to amortize discount or premium. On January 1, 2019, Ayayai Company sold the bonds for $400,077 after receiving interest to meet its liquidity needs. Your answer is correct. SON Prepare the journal entry to record the purchase of bonds on January 1. Assume that the bonds are classified as available for sale. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Credit Jan 1, 2017 Debt Investments 398350 We Wierest method Bonds Purchased to Yield Interest Receivable Bond Interest Discount Cash Received Revenue Amortization Or Date Carrying Amount of Bonds 1/1/17 T SU 9 7/1/17 398350 21500 23901 2401 1/1/18 21500 400751 24045 7/1/18 2545 403296 21500 24198 1/1/19 2698 405996 21500 24360 7/1/19 2860 T 408854 21500 24531 1/1/20 30311 411885 21500 2471 7/1/20 3213 415098 21500 24906 3406 1/1/21 418504 O 21500 7/1/21 422114 21500 1/1/22 425941 21500 4059 430000 Total to search 21500l 2466501 31650