The following information is available concerning Nunan Corporation's sinking fund: 2019 Jan. 1 Feb. 3 July 30 Dec. 31 Establish&d a sinking fund to retire an outstanding bond issue by contributing $425,000. Purchased securities for $400,000 Sold securities originally costing $48,000 for $45,000. 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. Paid sinking fund expenses of $4,500 31 Soin the remaining course in the fundinu July 30 Dec. 31 Sold securities originally costing $48,000 for $45,000. 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 31 31 Collected dividends and interest on the remaining securities in the amount of $40,000. Paid sinking fund expenses of $4,500. Sold the remaining securities in the fund for $360,000. Retired an outstanding bond issue of $500,000 with the cash from the fund and transferred the remaining tund balance back to the Cash account 31 Required: Prepare journal entries to record the preceding transactions for Nunan. astructions Chart of Accounts CHART OF ACCOUNTS Nunan Corporation General Ledger ASSETS REVENUE 411 Sales Revenue 111 Cash EXPENSES 500 Cost of Goods Sold 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation 36 Similing ELAM Cach. 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense Check My Work Chart of Accounts 154 Hyunu Las 195 Sinking Fund Securities 196 Allowance for Change in Value of Sinking Fund Securities 422 Sinking Fund Revenue 435 Gain on Sale of Sinking Fund Securities 532 Bad Debt Expense 536 Sinking Fund Expenses 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 895 Loss on Sale of Sinking Fund Securities 910 Income Tax Expense 912 Unrealized Increase/Decrease in Value of Sinking Fund Securities LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 252 Bonds Payable Instructions Chart of Accounts LIABILITIES 910 Income Tax Expense 912 Unrealized Increase/Decrease in Value of Sinking Fund Securities 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 252 Bonds Payable 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Instructions Chart of Accounts LIABILITIES 910 Income Tax Expense 912 Unrealized Increase/Decrease in Value of Sinking Fund Securities 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 252 Bonds Payable 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings ACCOUNT TITLE POST. REF DEBIT DATE CREDIT Jan. 1 Sinking Fund Cash 425,000.00 Cash 425,000.00 3 400,000.00 4 400,000.00 5 45,000.00 6 Feb. 3 Sinking Fund Securities Sinking Fund Cash Jul. 30 Sinking Fund Cash Loss on Sale of Sinking Fund Securities Sinking Fund Securities Dec. 31' Sinking Fund Cash Sinking Fund Revenue 3,000.00 7 48,000.00 8 49,000.00 49,000.00 General Journal 5 45,000.00 3,000.00 6 7 Jul. 30 Sinking Fund Cash Loss on Sale of Sinking Fund Securities Sinking Fund Securities Dec. 31 Sinking Fund Cash Sinking Fund Revenue 48,000.00 49,000.00 8 9 49,000.00 . 10 I 3.000.00 Dec. 31 Allowance for Change in Value of Sinking Fund Securities Unrealized Increase/Decrease in Value of Sinking Fund Secur 3,000.00 Points: 35.29/59 Check My Work Pre C General Journal Shaded cells have feedback. Score: 169/311 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Sinking Fund Cash 2 3 Sinking Fund Securities Sinking Fund Cash 4 5 6 1 CH General Journal Shaded cells have feedback. 6 7 8 9 10 11 12 Cash 13 Points 32.06 /59 Previous Check My Work
