On January 1, 2017, Highland Ltd. purchased $300,000 of Speedy Corporation 9% bonds for $278,384. The bonds provide the bondholders with a 12% yield. They are dated January 1, 2017, and mature December 31, 2019, with interest receivable December 31 of each year. The company acquired this investment for trading purposes. Highland Ltd's accounting year end is December 31. When accounting for this investment Highland Ltd. provides separate reporting of interest income and fair value gains and losses. Due to an economic downturn, Speedy Corporation experienced bankruptcy risk and, consequently, its bonds received a bad credit rating. By the end of 2017, the bonds were priced at 85.5 and at December 31, 2018, they were priced at 87. On May 30, 2019, Highland Ltd. sold the bonds in the market at 90. Required: (you must show all supporting calculations) a) Prepare the journal entry at the date of the bond purchase. b) Prepare the necessary journal entries for this investment at December 31, 2017. c) Prepare the necessary journal entries for this investment at December 31, 2018. d) Prepare the journal entry to record the sale of bonds