On July 1, 2021, Marin inc., a public company, purchased $590,000 of Bramble Corp. 10 -year, 3% bonds for $541,763 to earn interest. The bonds had a market interest rate of 4%. The bonds pay interest semi-annually on January 1 and July 1 . Marin inc has a December 31 year end. At December 31,2021 , the bonds are trading at 96.
Assuming Marin inc, purchased the bonds from Bramble Corp. record the journal entries required on July 1 for Marin inc, and Bramble Corp.