Macy's, Inc., operates nearly 829 Macy's and Bloomingdale's department stores globally. The company does more than $25 billion in sales each year. Assume that as part of its cash management strategy, Macy's purchased $12 million in bonds at par for cash on July 1 of the current year. The bonds pay 8 percent interest annually, with payments on June 30 and December 31, and mature in 10 years. Macy's plans to hold the bonds until maturity. Record the purchase of the bonds on July 1 of the current year