View Policies Current Attempt in Progress On January 1, 2021. Sheridan Ltd., a public company purchased $630,000 of 5-year, 8% bonds at par from Concord Corporation Interestis received semi-annually on July 1 and January 1 Sheridan purchased the bonds to eam interest. At December 31, 2021 the bonds were trading at 104 Prepare the journal entry to record the purchase of the bonds on January 1. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Date Account Titles and Explanation Credit 630,000 Jan. 1 Investments at Amortized Cost 630.000 CA Thread nurchase of hand investment Prepare the journal entry to record the receipt of interest on July 1. (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 for the amounts.) Date Account Titles and Explanation Debit Credit July 1 (Collection of interest revenue) eTextbook and Media Prepare any adjusting entries required at December 31. (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 for the amounts.) Date Credit Debit Account Titles and Explanation Dec. 31 (To accrue interest revenue.) Dec. 31 (To record fair value adjustment.)