On January 1, 2024. Whittington Stoves issued $740million of its 8% bonds for $676million. The bonds were priced to yleld 10% Interest is payable semiannually on June 30 and December 31 . Whittington records interest at the effective rate and elected the option to report these bonds at their fair value. One million dollars of the increase in fair value was due to a change in the general (risk frec) rate of interest. On December 31,2024 , the fair value of the bonds was $692million as determined by their market value on the NYSE. Required: 1. Prepare the journal entry to record interest on June 30,2024 (the first interest payment). 2. Prepare the journal entry to record interest on December 31,2024 (the second interest payment). Complete this question by entering your answers in the tabs below. Prepare the joumal entry to adjust the bonds to their fair value for presentation in the December 31,2024 , balance sheet. Note: If no entry is required for a transaction/event, select "No joumal entry required in ine first account field. Enter your answers in dollars and not in millions. Journal entry worksheet Record the fair value for presentation in the December 31, 2024, balance sheet. Note: Enter debits before credits, Prepare the joumal entry to record interest on June 30,2024 (the first interest payment). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars and not in millions. Journal entry worksheet Record the interest on June 30,2024 . Note: Enter debits bafcee credits Prepare the joumal entry to record interest on December 31,2024 (the second interest payment). Note: If no entry is required for a transaction/event, select "No journal second interest payment). dollars and not in miltions. Journal entry worksheet Record the interest on December 31,2024. Notet Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31,2024 , balance sheet. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your answers in dollars and not in millions. Journal entry worksheet Record the fair value for presentation in the December 31,2024 , balance sheet. Note: Enter debies before credits