Patrick Company purchased 50 Issac Company 12%, 10-year, $1,000 bonds on January 1, 2010, for $52,000. Patrick Company also had to pay $500 of broker's fees. The bonds pay interest semiannually. On January 1, 2011, after receipt of interest, Patrick Company sold 30 of the bonds for $30,500.
Instructions
Prepare the journal entries to record the transactions described above.

Question

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The Answer of Patrick Company purchased 50 Issac Company 12%, 10-year, $1,000 bonds on January 1, 2010, for $52,000. Patrick Company also had to pay $500 of broker's fees. The bonds pay interest semiannually. On January 1, 2011, after receipt of interest, Patrick Company sold 30 of the bonds for $30,500.
Instructions
Prepare the journal entries to record the transactions described above.

Patrick Company Purchased 50 Issac Company 12%, 10-Year, $1,000 Bonds