NEED ASAP

P 18-15 The transactions given below relate to a sinking fund for retirement of long-term bonds of John Fremont Roofing:

1. In accordance with the terms of the bond indenture, cash in the amount of $150,000 is transferred at the end of the first year, from the regular cash account to the sinking fund.

2. Cordell Hull Siding Company 10% bonds of a par value of $50,000 maturing in 5 years, are purchased for $47,000.

3. 500 shares of Robert Lee Company 8% preferred stock (50$ par value) are purchased at $54 per share.

4. Annual interest of $5,000 is received on Cordell Hull Siding company bonds. (Amortize a full year of discount using straight-line amortization.)

5. Sinking fund expenses of $480 are paid from sinking fund cash.

6. Anne Hutchinson Glass Company bonds are sold on September 1 at 101 plus accrued interest. Assume interest collected August 1 was properly recorded.

9. Investments carried in the fund at $1,583,000 are sold for $1,538,000.

10. The fund contains cash of $1,627,000 after disposing of all investments and paying all expenses. $1,600,000 of this amount is used to retire the bonds payable at maturity date.

11. The remaining cash balance is returned to the general account.

Instructions:

Prepare the journal entries required by John Fremont Roofing for the transactions above.