Kalyagin Investments acquired $220,000 of Jerris Corp., 7% bonds at their face amount on October 1, 2016. The bonds pay interest on October 1 and April 1. On April 1, 2017, Kalyagin sold $80,000 of Jerris Corp. bonds at 103. Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles and be sure to enter the year as part of the date): 2016 Oct. 1 Initial acquisition of the Jerris Corp. bonds Dec. 31 Adjusting entry for three months of accrued interest earned on the Jerris Corp. bonds 2017 Apr. 1 Receipt of semiannual interest 1 Sale of $80,000 of Jerris Corp. bonds, at 103 Apr. 1, 2017: Bond face amount x interest rate x half of year = total interest paid in Cash. Increase Cash for the total interest, decrease the receivable for the accrued four month amount recorded on Dec, 31, 2016, and increase interest revenue for the remaining two months of the six month period. Calculate the proceeds: 102% x face amount of bonds. Record this amount as an increase in Cash. Reduce the investment by the bond face amount (credit) and record any gain or loss to make the entry balance. It is the difference between the cash sale amount and the face amount of the bonds sold.