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Prepare the journal entries to record the transactions

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Problem - Flynn Company purchased 80 Rinehart Company 9%, 10-year, $1,680 bonds on January 1, 2017, for $134,400. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 50 of the bonds for $73,920.

Prepare the journal entries to record the transactions described above.

Reference no: EM131565371

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