View Policies Current Attempt in Progress On April 1, 2021, Novak Corporation issued $376,000, 5-year bonds. On this date, Shoreline Corporation purchased the bonds from Novak to earn interest. Interest is received semi-annually on April 1 and October 1 and Shoreline's year end is March 31. Below is a partial amortization schedule for the first three interest periods of the bond issue. Semi-Annual Interest Period Interest Interest Received Revenue Amortization Bond Amortized Cost April 1, 2021 $393,338 October 1, 2021 $7,520 $5,900 $1,620 391,718 April 1, 2022 7,520 5,876 1,644 390,074 October 1, 2022 7,520 5,851 1,669 388,405 < > education.wiley.com + 88 W Ch16 Investments Wiley Course Resou... W Accounting for Fair... NWP Assessment P... Get Homework Hel... On July 1, 2021, Spl... On July 1, 2021, Spl... | Chegg.com Ch16-Investments Question 12 of 15 < > -/15 E What is the bondscontractual Interest rate? The market interest rate? (Round answers to 2 decimal places, 3. 52.75.) Contractual interest rate Market interest rate Annual Semi-annual % % Prepare the journal entries to record the purchase of the bonds; the receipt of interest on October 1.2021; the accrual of interest on March 31, 2022 and the receipt of interest on April 1.2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation To moord purchase of investment Toncord collection of To accrue interest revenue! Koletno inter Safor La Last saved 33 minutes ago. Sed work will be auto-submitted on the due date Auto-submission can take up to 10 minutes Debit Credi Attempts: 0 of 5 used Submit