On January 1, 2021, Blossom Ltd. a public company, purchased $660,000 of 5-year, 8% bonds at par from Ayayai Corporation Interest is received semi-annually on July 1 and January 1 Blossom purchased the bonds to earn interest. At December 31, 2021, the bonds were trading at 102. (a) Your Answer Correct Answer Your answer is correct Prepare the journal entry to record the purchase of the bonds on January 1 (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 Ofor the amounts: Debit Date Account Titles and Explanation Jan. 1 Investments at Amortized Cost Credit 660000 600000 (To record purchase of bond investment) Prepare the journal entry to record the receipt of interest on July 1 (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 Ofor the amounts) Date Account Titles and Explanation Debit July 1 Cash Credit 26400 Interest Revenue 26000 (Collection of interest revenue.) Prepare any adjusting entries required at December 31. (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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Revenue (To accrue interest revenue.) Dec. 31 (To record fair value adjustment)