On January 1, 2020, Windsor Inc. issued $560,000 of 5-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every quarter on January 1, April 1, July 1, and October 1. Windsor has a calendar year end.

After recording the December 31, 2021 accrual for quarterly interest, and making the payment on January 1, 2022, all the bonds were redeemed at 101.

Prepare the entry to record the redemption of the bonds on January 1, 2022. (Credit account titles are automatic entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 X Bonds Payable X Loss on Bond Redemption LILLA Cash 565600