Make the journal entries to record the transactions

Reference no: EM132729112

Question - Ivanhoe Company purchased 80 Rinehart Company 9%, 10-year, $1,680 bonds on January 1, 2020, for $134,400. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Ivanhoe Company sold 50 of the bonds for $73,920. Make the journal entries to record the transactions described above?

Reference no: EM132729112

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