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The following situations are independent of each other. a. Concord Corporation redeemed $128,000 face value,...

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The following situations are independent of each other. a. Concord Corporation redeemed $128,000 face value, 12% bonds on April 30, 2022, at 101. The carrying value of the bonds at the redemption date was $113,000. The bonds pay annual interest, and the interest payment due on April 30, 2022, has been made and recorded Ivanhoe Company redeemed $158,000 face value, 14.5% bonds on June 30, 2022, at 93. The carrying value of the bonds at the redemption date was $170,000. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. b. For each situation, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit a. April 30 Bonds Payable 128.000 Loss on Bond Redemption Discount on Bonds Payable Cash b. June 30 Bonds Payable 158,000 Premium on Bonds Payable Gain on Bond Redemption Cash

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