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The following transactions relate to Portland Cement Ltd.'s investment in the debt securities of Splish Brothers Inc. during 2021 and 2022. Portland is a public

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The following transactions relate to Portland Cement Ltd.'s investment in the debt securities of Splish Brothers Inc. during 2021 and 2022. Portland is a public company and purchased the investment to earn interest income. 2021 Jan. 1 July 1 Dec. 31 Purchased $142,800 of Splish Brothers Inc, eight-year, 7% bonds for $161,443, to yield a market interest rate of 5%. Interest is payable semi-annually on July 1 and January 1. Received semi-annual interest on Splish Brothers' bonds. Accrued interest at Portland's year end. 2022 Jan. 1 July 1 2 Recorded receipt of interest payment from bonds. Recorded receipt of interest payment from bonds. Sold the bonds on the open market for $155,000 Record the above transactions. (Credit account titles are automatically Indented when the amount is required, select "No Entry" for the account Eties and enter o for the amounts. Record fournal entr. answer to 0 decimal places, e.g. 5,276.) 2021 Date Account Titles and Explanation Debit Credit (To record purchase of investment.) (To record collection of interest.) (To accrue interest revenue.) 2022 Date Account Titles and Explanation Debit Credit (Collection of interest receivable.) (To record collection of interest.) July 2 (To record sale of bonds.)

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