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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
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.
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