On January $1,2024,$ when the carrying value of the bonds was $$6,258,240,$ the company redeemed the bonds at $102.$ Record the redemption of the bonds assuming that interest for the period has already been paid. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1,$

Bonds Payable

Loss $$n Bond Redemption

Cash