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Brief Exercise 17-11 Z Your answer is partially correct. Try again Sage Company invests $8,300,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $8,785,000. Interest is paid on January 1. Prepare journal entries for Sage Company to (a) record the transactions related to these bonds in 2017, assuming Sage does not elect the fair option; and (b) record the transactions related to these bonds in 2017, assuming that Sage Company elects the fair value option to account for these bonds. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit Date (a) T Jan. 1, 2017 Debt Investments 8300000 Cash 8300000 332000 Dec. 31, 2017 Interest Revenue 332000 (To record interest revenue) (To record fair value adjustment)