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Flynn Company purchased 85 Rinehart Company 7%, 10-year, $1,530 bonds on January 1, 2017, for $130,050. The bonds pay interest annually on January 1. On

Flynn Company purchased 85 Rinehart Company 7%, 10-year, $1,530 bonds on January 1, 2017, for $130,050. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 55 of the bonds for $71,528. Prepare the journal entries to record the transactions described above.

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