Prepare the journal entries to record the transactions

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Question - Blossom Company purchased 70 Rinehart Company 5%, 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, Blossom Company sold 40 of the bonds for $38,500.

Prepare the journal entries to record the transactions described above.

Reference no: EM132234962

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