Lance Brothers Enterprises acquired $560,000 of 4% bonds, dated July 1, on July 1, 2021, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Lance Brothers paid $480,000 for the investment in bonds and will receive interest semiannually on June 30 and December 31. Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July 1, 2021, and (b) to record interest on December 31, 2021, at the effective (market) rate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record Lance Brothers' investment in the bonds on July 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2021 Record entry Clear entry View general Journal Journal entry worksheet Record interest on December 31, 2021, at the effective (market) rate. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general Journal