Flynn Company purchased 75 Rinehart Company 10%, 10-year, $1,590 bonds on January 1, 2017, for $119,250. The

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Flynn Company purchased 75 Rinehart Company 10%, 10-year, $1,590 bonds on January 1, 2017, for $119,250. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 45 of the bonds for $65,588.

Instructions

Prepare the journal entries to record the transactions described above.

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Financial Reporting and Analysis

ISBN: 978-1259722653

7th edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Posted Date: Jan 18, 2021 05:21 AM

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Flynn Company purchased 75 Rinehart Company 10%, 10-year, $1,590 bonds on January 1, 2017, for $119,250. The

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Financial Reporting and Analysis

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