On Sept $1,$ Monty Ltd$.$ Purchased $$76,800$ of five$-$year, $6\%$ bonds for $$59,842,$ resulting in an effective $($yield$)$ rate of $12\%.$ The bonds pay interest

each March $1$ and September $1.$ Monty applies ASPE, accounts for the investment under the

amortized cost approach using the effective interest accounting policy, and has a December $31$ year end.

The following March $1,$ after receiving the semi$-$annual interest on the bonds, Monty sells the bonds for $$62,542.$

Prepare monty's journal entry for the purchase of the investment.