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On January 1, 2024, Pharoah Ltd. issued $535,000 of 5%,5-year bonds. The bonds were issued to yield a market interest rate of 6%. Pharoah's year

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On January 1, 2024, Pharoah Ltd. issued $535,000 of 5%,5-year bonds. The bonds were issued to yield a market interest rate of 6%. Pharoah's year end is December 31. On January 1, 2026, immediately after making and recording the semi-annual interest payment. Pharoah redeemed the bonds. A partial bond amortization schedule is presented below. Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 100 on January 1, 2026, after payment of interest. (List all debit entries before credit entries. 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 tities and enter O for the amounts.)

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