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An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed...

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An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000.Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.Bonds PayablePremium on Bonds PayableGain on Redemption of BondsCashFeedbackCheck My WorkThe gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and the redemption price.A corporation usually redeems its bonds at a price different from that of the carrying amount of the bonds.

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