On January 1, 2020, Shamrock Company purchased $280,000, 6% bonds of Aguirre Co. for $257,289. 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. Shamrock Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Shamrock Company sold the bonds for $258,816 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.) Date Account Titles and Explanation Jan. 1, 2020 Debit Credit