Use the following information for questions 1 and 2. Patton Company purchased $1,500,000 of 10% bonds of Scott Company on January 1, 2018, paying $1,410,375. The bonds mature January 1, 2028; interest is payable each July 1 and January 1. The discount of $89,625 provides an effective yield of 11%. Patton Company uses the effective-interest method and plans to hold these bonds to maturity. 1. On July 1, 2018, Patton Company should increase its Debt Investments account for the Scott Company bonds by $ For the year ended December 31, 2018, Patton Company should report interest revenue from the Scott Company bonds of $ 2