On January 1,2020 , Headland Company purchased $260,000,6% bonds of Aguirre Co. for $238,911. The bonds were purchased to yield 8% interest. Interest is payable semiannually on July 1 and January 1 . The bonds mature on January 1,2025 . Headland Company uses the effective-interest method to amortize discount or premium. On January 1, 2022, Headland Company sold the bonds for $240,370 after receiving interest to meet its liquidity needs. (a) Prepare the journal entry to record the purchase of bonds on January 1 . Assume that the bonds are classified as available-for-sale. (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.)