On January 1, 2020, Pronghorn Limited paid $548,665.50 for 12% bonds with a maturity value of $510,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020 and mature on January 1, 2025, with interest receivable on December 31 of each year. Pronghorn applies ASPE using the effective interest method, and has a December 31 year end. Assume that Pronghorn hopes to make a gain on the bonds as interest rates are expected to fall. Pronghorn accounts for the bonds at fair value with changes in value taken to net income, and separately recognizes and reports interest income. The fair value of the bonds at December 31 of each year end is as follows: 2020 $544,900.00 2021 $525,300.00 2022 $523,260.00 2023 $517,140.00 2024 $510,000.00 Prepare the journal entry at the date of the bond purchase. (Credit account titles are automatically indented when the 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. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit FV-NI Investments Cash Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2020, 2021, and 2022. (Credit account titles are automatically indented when the 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. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Dec 31, 2020 - Cash FV-NI Investments Interest Income (To record interest collected) Dec 31, 2020 - FV-NI Investments Investment Income or Los (To record fair value adjustment) Dec 31, 2021 Cash FV-NI Investments Interest Income (To record interest collected) Dec 31, 2021 Investment Income or Los FV-NI Investments (To record fair value adjustment) Dec 31, 2022 - Cash FV-NI Investments Interest Income (To record interest collected) Dec 31, 2022 FV-NI Investments Investment Income or Los (To record gain or loss)