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Prepare journal entry to record transaction for crane comp

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Reference no: EM132754410

Crane Company purchased 70 Rinehart Company 6%, 10-year, $1,180 bonds on January 1, 2020, for $82,600. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Crane Company sold 40 of the bonds for $45,430.

Problem 1: Prepare the journal entries to record the transactions described above

Reference no: EM132754410

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