Redemption of Bonds Payable 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.

Dr Bonds payable 800,000

Dr premium on bonds payable 57,000

    Cr Cash 785,000

    Cr Gain on redemption of bonds 72,000

Explanation:

the bonds' carrying value = face value + unamortized premium = $800,000 + $57,000 = $857,000

the gain or loss resulting form the redemption of the bonds = carrying value - redemption cost = $857,000 - $785,000 = $72,000

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