Simon Brothers pays $55,000 into a bond sinking fund each year to redeem the future maturity of its bonds.During the first year,the fund earned $3,500.At the time of bond redemption,the fund has a balance of $550,000.Of this,$525,000 was used to redeem the bonds.Journalize the a)initial deposit;b)the first year's interest;and c)the redemption of the bonds.

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The Answer of Simon Brothers pays $55,000 into a bond sinking fund each year to redeem the future maturity of its bonds.During the first year,the fund earned $3,500.At the time of bond redemption,the fund has a balance of $550,000.Of this,$525,000 was used to redeem the bonds.Journalize the a)initial deposit;b)the first year's interest;and c)the redemption of the bonds.

Simon Brothers Pays $55,000 into a Bond Sinking Fund Each