Prepare the journal entries to record transactions described

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Flynn Company purchased 80 Rinehart Company 12%, 10-year, $1,600 bonds on January 1, 2014, for $128,000. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2015, after receipt of interest, Flynn Company sold 48 of the bonds for $70,400.

Prepare the journal entries to record the transactions described above.

Reference no: EM131265151

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Prepare the journal entries to record transactions described : Flynn Company purchased 80 Rinehart Company 12%, 10-year, $1,600 bonds on January 1, 2014, for $128,000. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2015, after receipt of interest, Flynn Company sold 48 of the bonds fo..

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