Marcy's, Inc., operates nearly 829 Marcy's and Bloomington's department stores nationwide. The company does more than $36 billion in sales each year. Assume that, as part of its cash management strategy, Marcy's purchased as a long-term investment $12.5 million in 10-year bonds for $14,359,735 cash on July 1 of the current year. The bonds pay 8 percent interest semiannually on June 30 and December 31. The market rate on the bonds on the date of purchase was 6 percent (FV of S1. PV of $1. FVA of $1, and PVA of S1) (Use the appropriate factor(s) from the tables provided.) Required: 1. Record the purchase of the bonds on July 1 of the current year. 2. Record the receipt of interest on December 31 of the current year (apply the effective interest amortization method). Journal entry worksheet Record the purchase of the bonds on July 1, current year. Note: Enter debits before credits. Date General Journal Debit Credit July 01 Investments Cash Record entry Clear entry View general journal