Prepare a journal entries to record the transaction

Reference no: EM13257136

Emmylou Company purchased 70 Harris Company 12%, 10 year, $ 1000 bonds on January 1, 2008, for $ 73,000. Emmylou Company also had topay $500 of broker's fees. The bonds pay interestsemiannually. On January 1, 2009, after receipt of interest,EmmyLou Company sold 40 of the bonds for $40,100.

Instructions

Prepare a journal entries to record the transaction described above.

Reference no: EM13257136

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