On July 1, 2016. Elm Company purchased cash eight P 1,000 , 9%  bonds of Celebrity Corporation at P 100 plus accrued interest. The bond interest is paid semiannually each May 1 and November 1. The bond maturity date is November 1, 2017. Elm Company's annual  reproting period ends December 31. Elm Company classifies this  investment as trading security. At December 31, 2016 , Celebrity bonds were quoted at P 97.  REQUIRED : a. Give tne entry for Elm Company to record the purchase of the bonds     on July 1, 2016 b. Give the entry to record the interest collected during 2016.

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