Required information [The following information applies to the questions displayed below) On January 1, Splash City issues $500,000 of 7% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. T. Bone Investment Company (TBIC) purchases all of the bonds in a private placement Assuming the market interest rate on the issue date is 6% TBIC will purchase the bonds for $549,001. 2. Record the purchase of the bonds by TBIC on January 1 and the receipt of the first two semiannual interest payments on June 30 and December 31 (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.)