The Swift Company is required to establish a bond sinking fund for its $9,000,000, 20-year bonds...

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The Swift Company is required to establish a bond sinking fund for its $9,000,000, 20-year bonds that are outstanding. The trustee indicates the amount of the annual periodic contribution is $244,662 and should be made at the end of each year. The bond earned $20,092 in the second year, and had a balance of $9,002,100 at maturity. Prepare journal entries to record: 1. The first contribution by the Swift Company. 2. The second contribution and earnings for the year. 3. The redemption of the bonds at maturity. In the space provided below, record the following journal entry in red font. 1. The first contribution by the Swift Company. Prepare journal entries to record: 1. The first contribution by the Swift Company. 2. The second contribution and earnings for the year. 3. The redemption of the bonds at maturity. In the space provided below, record the following journal entry in red font. 2. The second contribution and earnings for the year. The Swift Company is required to establish a bond sinking fund for its $9,000,000, 20-year bonds that are outstanding. The trustee indicates the amount of the annual periodic contribution is $244,662 and should be made at the end of each year. The bond earned $20,092 in the second year, and had a balance of $9,002,100 at maturity. Prepare journal entries to record: 1. The first contribution by the Swift Company. 2. The second contribution and earnings for the year. 3. The redemption of the bonds at maturity. In the space provided below, record the following journal entry in red font. 1. The first contribution by the Swift Company. Prepare journal entries to record: 1. The first contribution by the Swift Company. 2. The second contribution and earnings for the year. 3. The redemption of the bonds at maturity. In the space provided below, record the following journal entry in red font. 2. The second contribution and earnings for the year.

Answer rating: 100% (QA)

1 i Debit Investment in Sinking Fund 244662 Credit Bank ... View the full answer