On January 1, 2021, Oriole Ltd., a public company, purchased $546,000 of 5-year, 5% bonds at par from Cheyenne Corporation. Interest is received semi-annually on July 1 and January 1. Oriole purchased the bonds to earn interest. At December 31, 2021, the bonds were trading at 102. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Investments at Amortized Cost 546000 Cash 546000 (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 Credit July 1 (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To accrue interest revenue.) Dec. 31 (To record fair value adjustment.) e Textbook and Media