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 a)initial deposit; b)the first year's interest; and c)the redemption of the bonds.
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