On January 1, Turk Technologies purchased as a long-term investment $80,000 of 8% bonds dated January 1, 2019. Management intends to hold the bonds until maturity. For bonds of similar risk, the market yield was 10%. The price paid for the bonds was $66,000. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2019 was $70,000. (55pts) a. Prepare the journal entry to record Turk's investment on January 1, 2019.(4pts) b. Prepare the journal entry to record interest and interest revenue on June 30, 2019. (6pts) . Prepare the journal entry to record interest and interest revenue on December 31, 2019. (4pts) . Suppose the bonds were downgraded motivating Turk to sell the investment on January 1, 202 for $65,000. Prepare the journal entry to record the sale. (7pts) Suppose Turk categorized the bonds as Trading Securities. Prepare the journal entries necessar for Turk to 1) report its investment in the December 31, 2019 Balance Sheet and 2) record the sale of the investment on January 2, 2020 for $65,000.(20pts) Suppose Turk categorized the bonds as Available for Sale. Prepare the journal entries necessar for Turk to 1) reports its investment in the December 31, 2019 Balance Sheet and 2) record th ale, including updating the fair value adjustment, recording any reclassification adjustment, nd recording the sale on January 2, 2020 for $65,000. (14pts)