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Simon Brothers pays $47,000 into a bond sinking fund each year to redeem the future...

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Accounting

Simon Brothers pays $47,000 into a bond sinking fund each year to redeem the future maturity of its bonds. During the first year, the fund earned $3,825. At the time of bond redemption, the fund has a balance of $417,000. Of this, $400,000 was used to redeem the bonds. Journalize the following entries.

a. Initial deposit

b. The first years interest

c. The redemption of the bonds

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