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On January 1, 2020, Sarasota Company purchased $370,000,8% bonds of Aguirre Co. for $341,429. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2025. Sarasota Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Sarasota Company sold the bonds for $343,034 after receiving interest to meet its liquidity needs. Your answer is correct. Prepare the journal entry to record the purchase of bonds on January 1. Assume that the bonds are classified as available-for- sale. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit Jan. 1. 2020 Debt Investments 341429 Cash 341429 Schedule of Interest Revenue and Bond Discount Amortization-Effective-Interest Method Bonds Purchased to Yield Interest Receivable Or Cash Received Bond Discount Amortization Interest Revenue Date 1/1/20 $ i $ i 7/1/20 14800 17071 2271 1/1/21 14800 17185 2385 7/1/21 14800 17304 2504 1/1/22 14800 17429 2629 7/1/22 14800 17561 2761 1/1/23 14800 17699 2899 7/1/23 14800 17844 3044 1/1/24 14800 17996 3196 7/1/24 14800 18156 3856 1/1/25 14800 18325 9525 Total 148000 5 176571 28571 Schedule of Interest Revenue and Bond Discount Amortization-Effective-Interest Method Bonds Purchased to Yield t Receivable Or Received Interest Revenue Bond Discount Amortization Carrying Amount of Bonds $ i $ 341429 14800 17071 2271 343700 14800 17185 2385 346085 14800 17304 2504 348590 14800 17429 2629 351219 14800 17561 2761 353980 14800 17699 2899 356879 14800 17844 3044 359923 14800 17995 3196 363119 14800 18156 3356 366475 14800 18325 3525 370000 148000 5 176571 28571