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Prepare the journal entries for ellis company

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Reference no: EM132781555

Question - Prepare the journal entries for Ellis Company for the following transactions.

January 1, 2020: Ellis Company purchased 50 Jones Company 5%, 8-year, $1,000 bonds for $50,000.

December 31, 2020: Accrual of interest

January 1, 2021: Receipt of interest

January 1, 2021: Ellis Company sells 30 of the bonds for $38,000.

Reference no: EM132781555

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