The Morris Corporation has outstanding $580,000 face value of 12 percent bonds payable dated January 1, 2019, and maturing 10 years later on January 1, 2029. The corporation is required under the bond contract to transfer $58,000 each year to a bond sinking fund investment. The cash in the sinking fund investment is invested to earn interest. 2019 Dec. 31 Made the annual deposit to the bond sinking fund investment 2020 Dec. 31 Recorded the $7,250 earnings on the bond sinking fund investments for the past year 31 Made the annual deposit to the bond sinking fund investment 2021 Dec. 31 Recorded the $12,760 earnings on the bond sinking fund investments for the past year 31 Made the annual deposit to the bond sinking fund investment 2029 Jan. 1 Paid the amount due to retire the bonds. Assume that the balance of the Bond Sinking Fund Investment account is $580,000

Make the journal entries for the above transactions