eBook Show Me How Calculator Print Item Redemption of Bonds Payable A $960,000 bond issue on which there is an unamortized premium of $74,000 is redeemed for $760,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank. Bonds Payable 960.000 Gain on Redemption of Bonds X 126,000 X Premium on Bonds Payable 74.000 Cash 760,000 Feedback Check My Work The 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 Usuwy redeems its bonds at a price different from that of the carrying amount of the bonds. 4/27/2020