On January 1, 2020, Pina Company purchased 12% bonds, having a maturity value of $310,000 for $333,502.59. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Pina Company uses the effective interest method to allocate unamortized discount or premium. The bonds are classified as available- for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $331,200 2021 $319,100 2022 $318,000 2023 2024 $320,200 $310,000 (a) (b) Prepare the journal entry at the date of the bond purchase. Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. Prepare the journal entry to record the recognition of fair value for 201. (c) (Round answers to 2 decimal places, es 2,525.25. 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 tities and enter for the amounts.) Debit Credit Date 466026 (a) Jan 1, 2020 Cash 500000 Bonds Payable No. Date Debit Credit (a) Jan. 1, 2020 Cash 466026 Bonds Payable 500000 (b) Interest Expense Bonds Payable cash (To record interest received) (To record fair value adjustment) e Textbook and Media (a) (b) Prepare the journal entry at the date of the bond purchase. Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. Prepare the journal entry to record the recognition of fair value for 2021. (c) (Round answers to 2 decimal places, eg. 2,525.25. 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.) No. Date Account Titles and Explanation Debit Jan. 1, 2020 Cash 466026 500000 Interest Expense Bonds Payable cash (To record interest received)