On January 1, 2020, Marin Company purchased $270,000, 6% bonds of Aguirre Co. for $248,099. The bonds were purchased to yield 8% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2025. Marin Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Marin Company sold the bonds for $249,638 after receiving interest to meet its liquidity needs. Prepare the journal entry to record the purchase of bonds on January 1. Assume that the bonds are classified as available-for- sale. (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 O for the amounts.)