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Required information [The following information applies to the questions displayed below] On January 1, 2024,...

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Accounting

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Required information [The following information applies to the questions displayed below] On January 1, 2024, Rain Technology purchased at par $85,000, 7 percent, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Rain Technology sold the bonds on July 14, 2027, for $90,000. Assuming that Rain purchased the bonds as available-for-sale securities, prepare journal entries at the end of each year and on the ate of sale. Ignore interest. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 (2) 3 Reclassify any gain or loss on the sale of the investments on July 14, 2027. Note: Enter debits before credits

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