Instructions Journalize the transactions. Inn Company purchased 70 Rinehart Company 6%, 10-year, $1,000 bonds on Journalize debt 1, transactions, ac and record sale. 2017 for $70,000. The bonds pay interest annually on January 1. On January after receipt of interest, Flynn Company sold 40 of the bonds for $38,500. Instructions (LO 1) repare the journal entries to record the transactions described above