On 1 January 2022, Elextric Inc. purchased 12%, $800,000 bonds as its debt investments. The bonds mature on 1 January 2027, with interest receivable on 31 December of each year, starting 31 December 2022. Elextric Inc.'s business model for the bonds is held-for-collection. Elextric Inc. requires a 10% yield. Required: (Support with detailed calculations and round to the nearest dollar.) C. Briefly advise Elextric Inc. on how to recognize the purchase of the bonds. (6 marks)
