On July 1, 2021, Splish Brothers Inc., a public company, purchased $530,000 of Culver Corp. 10-year, 5% bonds for $490,575 to earn interest. The bonds had a market interest rate of 6%. The bonds pay interest semi-annually on January 1 and July 1. Splish Brothers Inc. has a December 31 year end. At December 31, 2021, the bonds are trading at 96. Assuming Splish Brothers Inc. purchased the bonds from Culver Corp., record the journal entries required on July 1 for Splish Brothers Inc., and Culver 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.) Splish Brothers (investor) Date Account Titles and Explanation Debit July 1 (To record purchase of investment.) Culver (investee) Credit 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 Splish Brothers Inc., and Culver 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 O decimal places, e.g. 5,275.) Splish Brothers (investor) Date Account Titles and Explanation Debit Dec. 31 (To accrue interest revenue.) Culver (investee) Credit 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 Splish Brothers Inc., and Culver 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.) Splish Brothers (investor) Date Account Titles and Explanation Debit Credit Jan. 1 (Collection of interest receivable.) Culver (investee) Date Account Titles and Explanation Debit Credit Jan. 1 (To record payment of interest.)