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1 On January 1, 2021 Cleveland Company puruchased the following: 2 125 Indians Company 8% 10 year, $1,000 bonds for $129,500 3 They also had

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1 On January 1, 2021 Cleveland Company puruchased the following: 2 125 Indians Company 8% 10 year, $1,000 bonds for $129,500 3 They also had to pay a brokers' fee $ 1,250 The bonds pay interest semi-annually. 4 5 On January 1, 2022, after receipt of interest, Cleveland Company 6 sold 85 of the bonds for $86,000 7 8 Instructions - Show work Points: 20 9 Prepare the journal entries to record the transactions described above. 10 11 Account Titles Debit 12 Credit January 1, 2021 13 14 15 16 July 1, 2021 un 17 18 19 20 21 December 31, 2021 22 23 24 25 January 1, 2022 Problom Problema

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