On October 1, 2019, Jenkins Corporation bought bonds with a face value of $200,000 for $199,175, which included accrued interest. The bonds are due December 31, 2021, and carry a face s semiannually on June 30 and December 31. Jenkins uses the straight-line method to amortize the discount Required: 1. Prepare joumal entries to record the purchase of the bonds, each interest receipt, and the retirement of the issue on December 31, 2021. 2. Next Level Jenkins failed to separately record the interest at acquisition, explain the errors that would occur in the company's financial statements (no calculations are required) 2. If Jenkins failed to separately record the interest at acquisition, explain the errors that would occur in the company's financial statements (no calculations are required) If Jenkins failed to separately record the interest at acquisition the value of the held-to-maturity securities would be: overstated, and interest income for 2019 would be overstated. understated, and interest income for 2019 would be understated. O properly stated, but interest income for 2019 would be overstated. properly stated, but interest income for 2019 would be understated. General Journal 1. Prepare journal entries to record the purchase of the bonds on October 1, 2019, each interest receipt, and the retirement of the issue on December 31, 2021. General Journal Instructions DATE PAGE 2019 PAGE 2020 PAGE 2021 GENERAL JOURNAL ACCOUNT TITLE POST REF DEBIT CREDIT Oct.1 Investment in Held-to-Maturity Debt Securities 193,925.00 5,250.00 Cash 199,175.00