On July 1 of Year 1 , West Company purchased for cash, 8,$10,000 bonds of North Corporation to yield 10%. The bonds pay 9% interest, payable on a semiannual basis each July 1 and January 1 , and mature in three years on July 1. The bonds are classified as AFS securities. West Company's annual reporting period ends December 31 . Assume the effective interest method of amortizatio of any discount or premium. - Note: When answering the following questions, round each amount to the nearest whole dollar. Journal Entries and Financial Statement Presentation for Year 1 b. Record the entry for the purchase of the bonds by West Company on July 1 of Year 1. c. Record the adjusting entries by West Company on December 31 of Year 1 to accrue interest revenue and adjust the investment to fair value. The fair value of the bonds at December 31 was $81,000