I wileyPLUS e Accounting question ! Chegg × Montana c secure https://edugen.wile

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I wileyPLUS e Accounting question ! Chegg × Montana c secure https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS MyWileyPLUS I Help I Contact Us I Lea Out WileyPLUS wyandt, Accounting Principles, 128 Principles of Accounting 12e (ACC 171/272) TIMER Stet Time: 07:0 PMRemaining: 119 min STANDARD VIEW PRINTER VERSION NEXT ASSIGNMENT RESOURCES Exercise 16-3 Flynn Company purchased 70 Rinehart Company 6%, 10-year, $1,180 bonds on January 1, 2017, for $82,600. The bonds pay interest annually on January 1 sold 40 of the bonds for $45,430 Final Exam On January 1, 2018, after receipt of interest, Flynn Company Prepare the journal entries to record the transactions described above. (Round answers to 0 decimai places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit To record receipt of interest) an. 1, 2018 To record sale of bonds) By accessing this Question Assistance, you will lcarn while you carn points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER

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Date Accounts title and Explanations Debit ($) Credit ($) Jan.1,2017 Debt Investments 82,600 Cash 82,600 Dec.31,2017 Interest Receivable (70*$1,180*6%) 4,956   Interest Revenue 4,956 Jan.1,2018 Cash 4,956 Interest Receivable 4,956 (To record the receipt of interest) Jan.1,2018 Cash 45,430 Loss on Sale of Debt Investments 1,770   Debt Investments ($82,600/70*40) 47,200 (To record sale of bonds)

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