On January 1, 2020, Stellar Company purchased $250,000, 6% bonds of Aguirre Co. for $229,722. 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. Stellar Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Stellar Company sold the bonds for $231,233 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.