On January 1, 2017, West Co. purchased $400,000 of 8% bonds for $369,114 as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on January 1, 2022. West Co. uses the effective-interest mehod to amortize discount or premium. On January 1, 2021. West Co. sold the bonds for $370,726, after receiving interest, to meet its liquidity needs. Instructions (a) Prepare the journal entry on January 1, 2017. (b) Prepare all entries required to properly record the sale on January1, 2021