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Prepare journal entries on books of abc company to record

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Reference no: EM132885489

Following are selected transaction in chronological order of ABC Company and its trustee in connection with a sinking fund.

1. Cash contribution to the sinking fund, P1,000,000

2. Acquisition of securities at par by trustee, P700,000.

3. The trustee receives interest on the securities, P60,000.

4. The trustee pays expenses of P30,000.

5. The trustee sells the securities for P800,000 plus accrued interest, P10,000.

6. The trustee renders a report to the entity.

7. The trustee pays bonds payable of P1,000,000 and interest of P100,000

8. The trustee remits the remaining cash to ABC Company.

Required:

Problem 1: Prepare journal entries on the books of ABC Company to record the transactions.

Reference no: EM132885489

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