Flynn Company purchased 70 Rinehart Company 6%, 10- year

Flynn Company purchased 70 Rinehart Company 6%, 10- year, $1,000 bonds on January 1, 2020, for $70,000. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Flynn Company sold 40 of the bonds for $38,500.

Instructions

Prepare the journal entries to record the transactions described above.

Solution

Flynn Company
Journal Entries

Problems: Investments

Problem-01: Investments

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Problem-02: Investments

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Problem-03: Investments

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Problem-04: Investments

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Problem-05: Investments

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Problem-06: Investments

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Problem-07: Investments

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Problem-08: Investments

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Problem-09: Investments

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Problem-10: Investments

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Problem-11: Investments

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Problem-12: Investments

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Problem-13: Investments

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Problem-14: Investments

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Problem-15: Investments

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Problem-16: Investments

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Problem-17: Investments

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Investments

Problem-08: Investments

Instructions

Solution

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