On January $1,2025,$ Ivanhoe Corporation redeemed $$550,000$ of bonds at $98.$ At the time of redemption, the unamortized premium was $$16,500.$

Prepare the corporation's journal entry to record the reacquisition of the bonds. $($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Premium on Bonds Payable

Gain on Redemption of Bonds