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The balance sheet for Wiley reports the following information on Dec 31, 2017. Bonds payable $1,500,000 Discount on bonds payable 80,000 Wiley decides to redeem

The balance sheet for Wiley reports the following information on Dec 31, 2017. Bonds payable $1,500,000 Discount on bonds payable 80,000 Wiley decides to redeem these bonds at 99 after paying annual interest. Prepare the journal entry to record the redemption on Jan 1, 2018. Also prepare journal entry to record the redemption if Wiley decides to redeem these bonds at 93 instead of 99.

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