Redemption of Bonds Issued at a Premium Brighton Unlimited sold bonds at a premium for $504,000 (premium of $24,000) eight years ago. a. The corporation redeems $48,000 of this issue at 98The unamortized premium is $480. b. The corporation redeems $72,000 of this issue at 102. The unamortized premium is $720. Prepare journal entries to record the redemption in (a) and (b). If an amount box does not require an entry, leave it blank. Page: 1 DOC. POST.DEBIT ACCOUNT TITLE DATE 1 a. Bonds Payable 2 Premium on Bonds Payable CREDIT 48,000 Gain on Bonds Redeemed Cash 6 b. Bonds Payable 7 Premium on Bonds Payable 8 Loss on Bonds Redeemed 9 Cash 72,000