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On January 1, 2020, Larkspur Incorporated redeemed bonds prior to their maturity date of January 1, 2021. The face value of the bonds was $

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On January 1, 2020, Larkspur Incorporated redeemed bonds prior to their maturity date of January 1, 2021. The face value of the bonds was $ 450,000, and the redemption was performed at 93. As at the redemption date, the unamortized premium was $ 8,320. Prepare the corporation's journal entry to record the redemption of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Bonds Payable Gain on Redemption of Bonds Cash 418500

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