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On July 1 of the current year, 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 held-to-maturity securities. The annual reporting period ends December 31. Assume the straight-line interest method of amortization of any discount or premium. Amortization Schedule Journal Entries in Year 1 Financial Statement Presentation Journal Entries in Year 2 a. Prepare a bond amortization schedule for the current year and the following year using the straight-line interest method. Note: Round each amount entered into the schedule below to the nearest whole dollar. Date Stated Interest Market Interest Discount Bond Amortization Amortized Cost $ OX Jul. 1, Year 1 Jan. 1, Year 2 $ Jul. 1, Year 2 0 x $ 0 X $ 0 x OX OX OX 0 x b. Record the entry for the purchase of the bonds by West Company on July 1. Debit Credit 77,970 0X Date Account Name Jul. 1, Year 1 Investment in Stock Cash To record investment purchase. 0 77,970 C. Record the adjusting entry by West Company on December 31. The fair value of the bonds at December 31 was $81,000. Date Account Name Debit Credit Dec. 31, Year 1 299 OX 0 Investment in TS Interest Receivable Interest Revenue To record year end adjusting entry. 3,600 0 3,899 X d. Indicate the effects of this investment on the current year's income statement and year-end balance sheet. Income Statement Balance Sheet Other Revenues and Gains Year 1 Dec. 31, Year 1 OX Interest revenue Assets Interest receivable $ OX Investment in HTM Securities $ Ox e. Record the receipt of interest on January 1, Year 2. Debit Credit 0 Date Account Name Jan. 1, Year 2 Cash Interest Receivable To record interest received. 3,600 0 3,600 f. After the interest payment on July 1, Year 2, two of the bonds were sold for $19,300 cash. Provide the required entries on that date. Date Account Name Credit Debit 313 OX Jul. 1, Year 2 Investment in TS Cash 3,600 0 0 3,913 X Interest Revenue To record interest received. Jul. 1, Year 2 Unrealized Gain or Loss-OCI Loss on Sale of Investment 0x 19,300 346 0 X 0 19,646 * Investment in TS To record sale of bond