Account balances and information relating to bonds payable during the year:

B$/$P

Beginning of year

End of year

Premium on $\frac{B}{P}$

$$80,000$

$$60,000$

$12,000,9,000$

Bonds with a par value of $$20,000$ were issued at $110$ for land. Bonds with a par value of $$40,000$ were retired. The amount paid was $$50,000,$ and a loss of $$6,000$ was sustained.

Required:

Prepare all the journal entries related to the B$/$P transactions. That is$,$ prepare JEs for the issue for land, interest expense $($if any$),$ and retirement.