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On 1 January 2021, Fortune Forever Limited (FF) purchased $500,000, 10% bonds with a maturity of 10 years. The bonds pay interest semiannually on 1

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On 1 January 2021, Fortune Forever Limited (FF) purchased $500,000, 10% bonds with a maturity of 10 years. The bonds pay interest semiannually on 1 July and 1 January, starting from 1 July 2021. FF requires a yield of 8% and paid $567,953 for the bonds. FF intends to hold the bonds to collect contractual cash flows. Required: (Support with detailed calculations.) A. Prepare the journal entries for FF during 2021

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