mpt in Progr On January 1, 2021, Buffalo Ltd. issued bonds with a maturity value of $5.40 million for $5,175,360, when the market rate of interest was 7%. The bonds have a contractual interest rate of 6% and mature on January 1, 2026. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. On January 1, 2021, Sunland Company, a public company, purchased Buffalo Ltd. bonds with a maturity value of $1.08 million to earn interest. On December 31, 2021, the bonds were trading at 97. Both companies' year end is December 31. What amount did Sunland Company pay for Buffalo Ltd.'s bonds? (Round answer to 0 decimal places, e.g. 5,275.) Sunland Company paid $ 1035072 when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and ent amounts. Round answers to O decimal places, eg,5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Investments at Amortized Cost 1,035,072 Cash 1,035,072 (To record purchase of investment.) (B) (C) (A) Interest Received (D) Bond Amortized Cost Interest Revenue Discount Amortization $ 1035072 $ 32400 $ 3622752 $ 3827.52 1038899.52 32400 36361.48 3961.48 1042861 32400 36500.14 4100.14 1046961.14 III o $ 1035072 LA 32400 $ BA 36227.52 $ 3827.52 1038899.52 32400 3636148 3961.48 1042861 32400 36500.14 4100.14 1046961.14 32400 36643.64 4243.64 1051204 Jan. 1, 2021 $ July 1. 2021 $ 32400 $ 36227.52 $ 3827.52 10 Jan. 1, 2022 32400 36361.48 3961.48 July 1. 2022 32400 36500.14 4100.14 10 Jan. 1, 2023 32400 36643.64 4243.64 Prepare the journal entries for Sunland Company to record: (1) The receipt of interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to deci places, eg. 5,275.) Debit Credit Date Account Titles and Explanation July 1 (To record collection of interest on bonds.) (2) The accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is enter not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to o decimal places, eg. 5,275.) Date Credit Debit Account Titles and Explanation Dec. 31 (To accrue interest revenue.) 3) The receipt of interest on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. ndent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Round answers to 0 places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 (Collection of interest receivable.)