Question 8 (15 marks) On January 1, 2021, Ella Company purchased 10% bonds, having a maturity value of 700,000, for 750,520. The bonds provide the bondholders with a 8% yield and mature on January 1, 2026, with interest receivable December 31 of each year. Ella's business model is to hold these bonds to collect contractual cash flows. Instructions (a) Prepare the journal entry at the date of the bond purchase. (2 marks) (b) Prepare a bond amortization schedule through 2022. (8 marks) (c) Prepare the journal entry to record the interest received and the amortization for 2021. (3 marks) (d) Prepare any entries necessary at December 31, 2021, using the fair value option, assuming the fair value of the bonds is 750,000. (2 marks)