Question 3 of 3 > 3.75/4 III View Policies Show Attempt History Current Attempt in Progress Nash Co. is building a new hockey arena at a cost of $2,460,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $1,960,000 to complete the project. It therefore decides to issue $1,960,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 9%. Question 3 of 3 3.75/4 III Assume that on July 1, 2022, Nash Co. redeems half of the bonds at a cost of $1,057,800 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to 0 decimal places, e.g. 38,548. 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 amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2022 Interest Expense Premium on Bonds Payable 2466 Cash 49000 (To record interest) July 1, 2022 Bonds Payable 980000 Premium on Bonds Payable 49323 Loss on Redemption of Bonds 28477 Cash 1057800 (To record reacquisition)