(This problem is a variation of the preceding problem, modified with respect to the application of the business model.) Prism Co purchased a bond investment in Bubble Tea Co. Prism's business model is to hold the investment to collect contractual cash flows and to sell when the need arises. Date of purchase: Purchase price: Principal amount: Cash interest: Effective interest: Maturity date: Fair value of the bond: December 31, 2021 December 31, 2022 January 1, 2021 $7,000,000 $7,600,000 5% per annum, payable on December 31 6.9214% per annum December 31, 2025 $7,457,000 $7,890,000 Required: 1. Prepare the journal entries to record all transactions relating to the bond for the year ended December 31, 2021. 2. Prepare the journal entries to record all transactions relating to the bond for the year ended December 31, 2022. 3. Assuming that the bond was sold on December 31, 2022, at $7,890,000, show the final entries to record the sale of the bond