Sunland Company issued $2,340,000 of bonds on January 1, 2020.

Prepare the journal entry to record the redemption of the bonds before maturity at 99. Assume the balance in Premium on Bonds Payable is $8,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

account Titles and Explanation	debit	credit
bonds payable
premium on bonds payable
gain on bond redemption
cash