Lamar Insurance purchased $50,000 of 4.0% LTP bonds on January 1, 2016, at a price of 48 when the market rate of interest was 10%. Lamar intends to hold the bonds until their maturity date of January 1, 2036. The bonds pay interest semiannually on each January 1 and July 1. Record the initial purchase of the bonds by Lamar on January 1, 2016, and the receipt of the interest on the first interest payment date of July 1, 2016. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the initial purchase of the bonds on January 1, 2016. Journal Entry Date Accounts Debit Credit Jan Now record the receipt of the interest on the first interest payment date of July 1, 2016. Journal Entry Date Accounts Debit Credit Jul Choose from any list or enter any number in the input fields and then continue to the next