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Otter Creek & Co. owns vast amounts of corporate bonds. Suppose Otter Creek buys $500,000 of RoastCo bonds at face value on January 2, 2018. The RoastCo bonds pay interest at the annual rate of 7% on June 30 and December 31 and mature on December 31, 2027. Otter Creek intends to hold the investment until maturity. Requirements 1. Journalize any required 2018 entries for the bond investment. 2. How much cash interest will Otter Creek receive each year from RoastCo? 3. How much interest revenue will Otter Creek report during 2018 on this bond investment? Requirement 1. Journalize any required 2018 entries for the bond investment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Otter Creek's investment on January 2, 2018. Date Accounts and Explanation Debit Credit 2018 Jan. 2 Cash 35000 Interest Revenue 35000 Received cash interest