On January 1, 2023, Micheal Beasley Company purchased $800,000 of 10%, 10-year bonds issued by Kevin Corp at a price of $709,596. The bonds provide a 12% yield, with interest received on December 31 of each year. Effective interest method is used and the securities are classified as available-for-sale. The fair values of the securities are $710,500 on 12/31/2022, and $722,300 on 12/31/2023. On June 30, 2024, Micheal Beasley sells the bonds at $723,000 plus accrued interest. Instructions: Prepare journal entries for the following events of Micheal Beasley Company. (1) the purchase of the bonds on 1/1/2023. (2) the interest and fair value recognition on 12/31/2023 and 12/31/2024. (3) the sale of the bonds on 6/30/2025

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