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What is the amount debited to restricted cash

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Problem 1: Garley Inc. issued a $10 million bond due in five years, and the bond indenture specifies that the company must set aside $2 million per year in a sinking fund so that the company will have funds to repay the bondholders at the end of 5 years. Assuming that the Practice Inc. complies with the contractual requirements, what is the amount debited to Restricted Cash for each of the 5 years? what is the amount debited to Retained Earnings for each of the 5 years?

Reference no: EM132740009

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