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Prepare the journal entries to record the transactions described above

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Question

Flynn Company purchased 60 Rinehart Company 12%, 10-year, $1,700 bonds on

January 1, 2014, for $102,000. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2015, after receipt of interest, Flynn Company sold 36 of the bonds for $56,100.

Prepare the journal entries to record the transactions described above. 

 
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