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Question 3 of 7 -/15 View Policies Current Attempt in Progress On April 1, 2021. Swifty Corporation issued $472.000, 5-year bonds. On this date, Shoreline Corporation purchased the bonds from Swifty to earn interest. Interest is received semi-annually on April 1 and October 1 and Shoreline's year end is Marchi 31. Below is a partial amortization schedule for the first three interest periods of the bond issue. Interest Received Interest Revenue Amortization Semi-Annual Interest Period April 1, 2021 October 1.2021 April 1, 2022 October 1.2022 Bond Amortized Cost $493,764 491.730 489.666 487.571 $9.440 9,440 9.440 $7,406 7.376 7.345 $2.034 2,064 2.095 Were the bonds purchased at a discount or at a premium? Bonds purchased at a premium e Textbook and Media Question 3 of 7 What is the face value of the bonds? Face value of the bonds $ 472,000 e Textbook and Media What will the bonds' amortized cost be at the maturity date? Bonds amortired cost at the maturity date 472.000 e Textbook and Media What is the bonds contractual interest rate? The market interest rate? (Round answers to 2 decimal places. 52.7 Semi-annual Contacta interest Mate e Textbook and Media What is the bonds' contractual interest rate? The market interest rate? (Round answers to 2 decimal places, eg. 52.75.) Annual Semi-annual Contractual interest rate 96 % Market interest rate % %6 e Textbook and Media Prepare the journal entries to record the purchase of the bonds, the receipt of interest on October 1, 2021: the accrual of interest on March 31, 2022: and the receipt of interest on April 1, 2022. (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 for the amounts) Date No 1.2021 Account Titles and Explanation Debit Credit o record purchase of westment.) Question 3 of 7 -/1 Prepare the journal entries to record the purchase of the bonds; the receipt of interest on October 1, 2021; the accrual of interest on March 31, 2022: and the receipt of interest on April 1, 2022. (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 for the amounts) Date Account Titles and Explanation Debit Credit Apr. 1. 2021 (To record purchase of investment.) Oct. 1.2021 V (To record collection of interest.) Mar 31, 2022 Interest Receivable (To accrue interest revenue) Cash Apr. 1.2021 interest Receivable (Collection of interest receivable)