Lance Brothers Enterprises acquired $695,000 of 3% bonds, dated July 1, on July 1, 2018, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 4% for bonds of similar risk and 31. maturity. Lance Brothers paid $615,000 for the investment in bonds and will receive interest semiannually on June 30 and December Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July 1. 2018, and (b) to record interest on December 31, 2018, at the effective (market) rate. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Date /1July 01, 2018 695,000 80,000 615,000 10,425 2018Cash Prey 1 of 9 Next >