QUESTION 1 partially correct Mark 29.00 out of 34.00 F Rag question Accounting for Debt Securities-Trading Gressens Company had the following transactions and adjustments related to a bond investment: 2016 oct. Purchased s1,000,000 face value of Skyline, Inc.'s 7 percent bonds at 97 plus a brokerage commission of$1,000. The bonds pay 1 interest on September 30 and March 31 and mature in 20 years. Gressens expects to sell the bonds in the near future. Dec. Made the adjusting entry to record interest earned on investment in the skyline bonds. Dec Made the adjusting entry to record the current fair value of the Skyline bonds. At December 31, the market value of the Skyline bonds 31 was $980,000. 31 Received the semiannual interest payment on investment in the Skyline bonds. Sold the Skyline bond investment for s984,600 cash, Record the transactions and adjustments of the Gressens Company using journal entries. General Journal Date Description Debit Credit