The following information is available concerning the Nunan Corporation’s sinking fund:

Jan. 1, 2007 Established a sinking fund to retire an outstanding bond issue by contributing $425,000

Feb. 3, 2007 Purchased securities for $400,000

July 30, 2007 Sold securities originally costing $48,000 for $45,000

Dec. 31, 2007 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

Dec. 31, 2008 Collected dividends and interest on the remaining securities in the amount of $40,000

Dec. 31, 2008 Paid sinking fund expenses of $4,500

Dec. 31, 2008 Sold the remaining securities in the fund for $360,000

Dec. 31, 2008 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 the Nunan Corporation.