--/1 Question 6 View Policies Current Attempt in Progress On January 1, 2020, Skysong Company purchased 12% bonds, having a maturity value of $274,000 for $294.773.26. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Skysong Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $292,700 2023 $283,800 2024 $274,000 2021 $282,500 2022 $281,600 (a) (b) Prepare the journal entry at the date of the bond purchase. Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. Prepare the journal entry to record the recognition of fair value for 2021. (c) No. Date Account Titles and Explanation Debit Credit (b) (To record interest received) (To record fair value adjustment) Assistance Used