Reference no: EM132887897
Problem - Sinking Funds Entries The following information is available concerning Nunan Corporation's sinking fund:
2019
Jan. 1 Established a sinking fund to retire an outstanding bond issue by contributing $425,000.
Feb. 3 Purchased securities for $400,000.
July 30 Sold securities originally costing $48,000 for $45,000.
Dec. 31 Collected dividends and interest on the remaining securities in the amount of $49,000; the securities had a market value of $355,000 at this time.
2020
Dec. 31 Collected dividends and interest on the remaining securities in the amount of $40,000.
Dec. 31 Paid sinking fund expenses of $4,500.
Dec. 31 Sold the remaining securities in the fund for $360,000.
Dec. 31 Retired an outstanding bond issue of $500,000 with the cash from the fund and transferred the remaining fund balance back to the Cash account.
Required - Prepare journal entries to record the preceding transactions for Nunan.
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