CALCULATOR PRINTER VERSION BACK NEXT Problem 14-2 (Part Level Submission) Coronado Co. is building a new hockey arena at a cost of $2,460,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $1,960,000 to complete the project. It therefore decides to issue $1,960,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9%. (c) Assume that on July 1, 2019, Coronado Co. redeems half of the bonds at a cost of $1,057,800 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to o decimal places, e.g. 38, 548. If no entry is required, select "No Entry" for the account tities and enter o for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2019 Interest Expense Premium on Bonds Payable Cash (To record interest) July 1, 2019 Bonds Payable Premium on Bonds Payable Loss on Redemption of Bonds Cash (To record reacquisition)