On July 1, 2021, Skysong Inc., a public company, purchased $520,000 of Concord Corp. 10-year, 4% bonds for $479,468 to earn interest. The bonds had a market interest rate of 5%. The bonds pay interest semi-annually on January 1 and July 1. Skysong Inc. has a December 31 year end. At December 31, 2021, the bonds are trading at 96. Assuming Skysong Inc. purchased the bonds from Concord Corp., record the journal entries required on July 1 for Skysong Inc., and Concord Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Skysong (investor) Date Account Titles and Explanation Debit Credit July 1 (To record purchase of investment.) Concord (investee) Concord (investee) Date Account Titles and Explanation Debit Credit July 1 (To record issuance of bonds payable.) Record any adjusting journal entries that are required at December 31 for Skysong Inc., and Concord Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Skysong (investor) Date Account Titles and Explanation Debit Credit Dec. 31 (To accrue interest revenue.) Concord (investee) Date Account Titles and Explanation Debit Credit Dec. 31 (To accrue interest expense.) Record the receipt and payment of the first interest payment on January 1, 2022, for Skysong Inc., and Concord Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Skysong (investor) Date Account Titles and Explanation Debit Credit Jan. 1 (Collection of interest receivable.) Concord (investee) Date Account Titles and Explanation Debit Credit Jan. 1 (To record payment of interest.)