On January 1, 2018, the Proctor's Restaurant decides to invest in Lake Goodlock bonds. The bonds mature on December 31, 2022, and pay interest on June 30 and December 31 at 5% annually. The market rate of interest was 5% on January 1, 2018, so the $70,000 maturity value bonds sold for face value. Proctor's intends to hold the bonds until December 31, 2022 Requirements 1. Journalize the transactions related to Proctor's investment in Lake Goodlock bonds during 2018 2. In what category would Proctor's report the investment on the December 31, 2018, balance sheet? Requirement 1. Journalize the transactions related to Proctor's investment in Lake Goodlock bonds during 2018(Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit 2018 Next, journalize Proctor's receipt of interest on June 30, 2018 Date Accounts and Explanation Debit Credit 2018 Jun. 30 Requirements On January 1, 2018, the Proctor's Restaurant decides to invest in Lake Goodlock bonds. The bonds mature on December 31, 2022, and pay interest on June 30 and December 31 at 5% annually. The market rate of interest was 5% on January 1, 2018, so the $70,000 maturity value bonds sold for face value. Proctor's intends to hold the bonds until December 31, 2022. Goodlock bonds during 2018. 2. In what category would Proctor's report the investment on the December 31, 2018, balance sheet? Next, journalize Proctor's receipt of interest on June 30, 2018 Date Accounts and Explanation Debit Credit 2018 Jun. 30 Now journalize Proctor's receipt of interest on December 31, 2018 Date Accounts and Explanation Debit Credit 2018 Dec. 31 Requirement 2. In what category would Proctor's report the investment on the December 31, 2018, balance sheet? debt investment classified as a asset on the December 31, 2018, balance Proctor's would report the investment as a(n) sheet