Please make the response detailed and easy to understand, thank you

On January 1, 2019, Pumpkin Company purchased $300,000 of Colada Company 5% bonds, at a time when the market rate was 6%. The bonds mature on December 31, 2023, and pay interest semiannually on July 1 and January 1. Pumpkin plans to and has the ability to hold the bonds until maturity. Assume that Pumpkin uses the effective interest method to amortize any premium or discount on investments in bonds. The companys fiscal year ends on June 30. On June 30, 2019, the bonds are quoted at 98.

1. Determine the amount for which the bonds sold, based on present value. Show all amounts used in the calculation.

2. Prepare a general journal entry for the purchase of the debt investment as held-to-maturity on January 1, 2019 in proper format.

3. Prepare the year-end adjusting journal entry for the accrual of interest on June 30, 2019.