Rahman Insurance purchased $50,000 of 8% DMH bonds on January 1, 2018 at a price of 86 when the market rate of interest was 12%. Rahman intends to hold the bonds until their maturity date of January 1, 2023. The bonds pay interest semiannually on each January 1 and July 1. Record the initial purchase of the bonds by Rahman on January 1, 2018 and the receipt of the interest on the first interest payment date of July 1, 2018.

How would I enter this in a Journal Entry?

a. Record the initial purchase of the bonds on Jan. 1, 2018

b. Record the receipt of the interest on the first interest payment date of July 1, 2018