On January 1, 2021, Hannah the Great Enterprises sold 9780,000 of 8% bonds to Gracelyn Company. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity, the market vield was 11%. Interest is paid semiannually on June 30 and December 31. Gracelyn Company purchased the bonds as an investment and plans to hold the bonds for approximately 2 years. The fair value of the bonds at 12/31/21 was $715,482. Discount Gracelyn's fiscal year end is December 31 and 2020 was its first year of business. SR 8%. L 11% MER . Assume Gracelyn sells these bonds on 3/1/23 for $735,645. Prepare all journal entries required on 3/1/23. Show your work. Accrue interest as of 3/1/23: Adjust to fair value as of 3/1/23: Reclassification entry as of 3/1/23: 2. On January 1, 2021, Hannah the Great Enterprises sold 9780,000 of 8% bonds to Gracelyn Company. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity, the market vield was 11%. Interest is paid semiannually on June 30 and December 31. Gracelyn Company purchased the bonds as an investment and plans to hold the bonds for approximately 2 years. The fair value of the bonds at 12/31/21 was $715,482. Discount Gracelyn's fiscal year end is December 31 and 2020 was its first year of business. SR 8%. L 11% MER . Assume Gracelyn sells these bonds on 3/1/23 for $735,645. Prepare all journal entries required on 3/1/23. Show your work. Accrue interest as of 3/1/23: Adjust to fair value as of 3/1/23: Reclassification entry as of 3/1/23: 2