Ingles Company Had the Following Transactions Pertaining to Debt Securities $\quad$

Essay

Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 $\quad$ Purchased 60, 8%, $1,000 Omega Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1 $\quad$ Received $2,400 semiannual interest on Omega Company bonds.
Instructions
Journalize the purchase and the receipt of interest. Assume no interest has been accrued.