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Flynn Company purchased 74 Rinehart Company 9%, 10-year, $1, 600 bonds on January 1, 2017, for $118, 400. The bonds pay interest annually on January

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Flynn Company purchased 74 Rinehart Company 9%, 10-year, $1, 600 bonds on January 1, 2017, for $118, 400. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 42 of the bonds for $65, 120. Prepare the journal entries to record the transactions described above

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