Sunland Company issued bonds with a face amount of $$1,640,000$ in $2015.$ As of January $1,2020,$ the balance in Discount on Bonds Payable is $$5,500.$ At that time, Sunland redeemed the bonds at $101.$

Assuming that no interest is payable, make the entry to record the redemption. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1$

Bonds Payable

$$1,640,000$

$$1,656,400$