PLEASE SHOW YOUR WORK!

Question 23 30 pts Prepare the journal entries for Ellis Company for the following transactions. (Don't worry about the formatting of your answer here on Canvas. Explain which accounts are debited/credited and for how much. Then, show the journal entry in its proper format in the work you submit.) 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