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The Morris Corporation Has Outstanding $300,000 Face Value of 12

Question 33

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The Morris Corporation has outstanding $300,000 face value of 12 percent bonds payable dated January 1,2013,and maturing 10 years later on January 1,2023.The corporation is required under the bond contract to transfer $30,000 each year to a bond sinking fund investment.The cash in the sinking fund investment is invested to earn interest.Record the following entries on page 6 of a general journal.Omit descriptions. The Morris Corporation has outstanding $300,000 face value of 12 percent bonds payable dated January 1,2013,and maturing 10 years later on January 1,2023.The corporation is required under the bond contract to transfer $30,000 each year to a bond sinking fund investment.The cash in the sinking fund investment is invested to earn interest.Record the following entries on page 6 of a general journal.Omit descriptions.

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