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On January 1 Dixon Corporation sold $400,000 of 10-year sinking fund bonds. The corporation expects...

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Accounting

On January 1 Dixon Corporation sold $400,000 of 10-year sinking fund bonds. The corporation expects to earn 15% on the sinking fund balance and is required to deposit $23,000 at the end of each year with the trustee. Record the following entries:a. The first deposit.b. Earnings of $3,450 at the end of first period.c. Payment of bondholders with sinking fund having a balance of $402,000.

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