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Crane Company purchased 85 Rinehart Company 8%, 10-year, $1,980 bonds on January 1, 2020, for...

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Accounting

Crane Company purchased 85 Rinehart Company 8%, 10-year, $1,980 bonds on January 1, 2020, for $168,300. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Crane Company sold 55 of the bonds for $92,565.

Prepare the journal entries to record the transactions described above.

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