What are the journal entries to record the transactions

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Reference no: EM131807854

Flynn Company purchased 75 Rinehart Company 7%, 10-year, $1,330 bonds on January 1, 2017, for $99,750.

The bonds pay interest annually on January 1.

On January 1, 2018, after receipt of interest, Flynn Company sold 45 of the bonds for $54,863.

Prepare the journal entries to record the transactions described above.

Reference no: EM131807854

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