On January 1, 2017, Flounder, Inc. purchased 8% bonds having a maturity value of $452,000 for $467,312.31. The bonds provide the bondholders with an 7% yield. The bonds are dated January 1, 2017, and mature January 1, 2021, with interest receivable on January 1 of each year. Flounder, Inc. uses the effective interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year-end is as follows. 2017 2018 $461,800 $462.900 $458,100 $452.000 2019 2020 (a) Prepare the journal entry at the date of the bond purchase. (Round answers to 2 decimal places, eg. 5,125.67. 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 for the amounts.) Account Titles and Explanation Debit Credit Date Jan. 1. 2017