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  3. taylor inc. purchased on january 1,2025, as a held

Taylor Inc. purchased on January 1,2025, as a held-to-maturity investment, $110,000 of the 10%,5-year bonds...

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Accounting

Taylor Inc. purchased on January 1,2025, as a held-to-maturity investment, $110,000 of the 10%,5-year bonds of Hayes Inc. for $128,766, which provides a 6% return. The bond pays interest semiannually.
Required: Prepare the following journal entries. Round all values to the nearest dollar.
(a): Prepare the journal entry for the purchase of the investment.
\table[[Reference:,Account Title:,Debit:,Credit:],[1/1/2025,type your answer...,type your answer...,type your answer...],[,type your answer...,type your answer...,type your answer...]]
(b): Prepare the journal entry to record the receipt of semiannual interest and premium amortization.
\table[[Reference:,Account Title:,Debit:,Credit:],[6/30/2025,type your answer...,type your answer...,type your answer...],[,type your answer...,type your answer...,type your answer...],[,type your answer...,type your answer...,]]
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