On January 1, 2021, Metlock Inc., a public company, purchased $590,000 of Pearl Corporation's five-year, 5% bonds for $616,499

when the market interest rate was 4%. Interest is received semi-annually on July 1 and January 1. Metlock's year end is December

31. Metlock intends to hold Pearl's bonds until January 1, 2026, the date the bonds mature. The bonds' fair value on December 31,

2021, was $600,000.

Record the purchase of the bonds on January 1, 2021.(Credit ac

Question 2 of 4 -/1 View Policies Current Attempt in Progress On January 1, 2021. Metlock Inc., a public company, purchased $590,000 of Pearl Corporation's five-year, 5% bonds for $616,499 when the market interest rate was 4%. Interest is received semi-annually on July 1 and January 1, Metlock's year end is December 31. Metlock intends to hold Pearl's bonds until January 1, 2026, the date the bonds mature. The bonds" fair value on December 31, 2021 was $600,000 Record the purchase of the bonds on January 1, 2021. (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 Jan. 1 Debit Credit (To record purchase of investment.) e Textbook and Media Question Part Score -70.12 c