Question 5 of 7 - / 14 III View Policies Current Attempt in Progress On August 1, 2021, Culver Corporation, a public company, purchased $81,600 of Alaska Ltd. five-year, 7% bonds at par. The bonds were purchased for trading purposes and pay interest semi-annually on January 31 and July 31 of each year On December 31, 2021. Culver's year end, the bonds fair value was $82,820. The bonds were sold on February 1, 2022, for $83,640. Record the purchase of the bonds on August 1, 2021. (Credit account titles are automatically indented when the amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1 (To record purchase of investment.) Record any adjusting journal entries that are required at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry* for the account titles and enter for the amounts. Round answer to O decimal places, eg. 5,276.) Debit Credit Date Account Titles and Explanation Dec. 31 (To accrue interest revenue.) Dec. 31 (To record fair value adjustment.) - / 14 Question 5 of 7 Record the receipt of the first interest payment on January 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts Round answer to O decimal places, e.g. 5.276) Date Account Titles and Explanation Debit Credit Jan. 31 (Collection of interest receivable.) e Textbook and Media - / 14 II! Question 5 of 7