Suppose Elliot Brothers purchases $1,300,000 of 6.5% annual bonds of McPhee Corporation at face value on January 1, 2024. These bonds pay interest on June 30 and December 31 each year. They mature on December 31, 2028. Elliot intends to hold the McPhee bond investment until maturity. Read the requirements. Requirement 1. Journalize Elliot Brothers' transactions related to the bonds for 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Elliot Brothers' investment on January 1, 2024. Date 2024 Jan. 1 Accounts and Explanation Next, journalize the receipt of cash interest on June 30, 2024. Date 2024 Jun. 30 Accounts and Explanation Journalize the receipt of cash interest on December 31, 2024. Debit Cr Debit Cr Requirements 1. Journalize Elliot Brothers' transactions related to the bonds for 2024. 2. Journalize the entry required on the McPhee bonds maturity date. (Assume the last interest payment has already been recorded.) Print Done