4. Milner Corporation had the following transactions pertaining to debt investments.
Jan. 1 Purchased 60, 8%, $1,000 Welch Company bonds for $60,000, plus brokerage fees of $800.
July 1 Sold 20 Welch Company bonds for $18,000, less $400 brokerage fees.
Instructions:Prepare journal entries for the purchase and sale of the Welch Company bonds..
Journalize the transactions.© BrainMass Inc. brainmass.com June 4, 2020, 12:40 am ad1c9bdddf
The solution explains the journal entries relating to debt investments.