On January 1, 2021, Sheridan Ltd., a public company, purchased $558,000 of 5-year, 8% bonds at par from Grouper Corporation. Interest is received semi-annually on July 1 and January 1. Sheridan purchased the bonds to earn interest. At December 31, 2021, the bonds were trading at 103.

(a) 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 (To record purchase of bond investment.) Save for Later Attempts: 0 of 1 used Submit Answer Question Part Score --/2