On January 1, 2025, Sheffield Company purchased $350,000,8% bonds of Aguirre Co. for $322,973. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2030. Sheffield Company uses the effective-interest method to amortize discount or premium. On January 1, 2027, Sheffield Company sold the bonds for $324,733 after receiving interest to rqeet its liquidity needs. (a) Prepare the journal entry to record the purchase of bonds on Jaruary 1. Assume that the bonds are classified as available-for-sale. (List debit entry before credit entxy. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)