The following are two independent situations. 1. 2. Sandhill Corporation redeemed $124,000 face value, 14% bonds...

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The following are two independent situations. 1. 2. Sandhill Corporation redeemed $124,000 face value, 14% bonds on June 30, 2022, at 101. The carrying value of the bonds- the redemption date was $111,500. The bonds pay annual interest, and the interest payment due on June 30, 2022, has bee made and recorded. Tastove Inc. redeemed $148,000 face value, 17.50% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $150,550. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Bonds Payable Debit Credit 124000 Loss on Bond Redemption Discount on Bonds Payable Cash 2. Bonds Payable Premium on Bonds Payable Cash Gain on Bond Redemption 148000 The following are two independent situations. 1. 2. Sandhill Corporation redeemed $124,000 face value, 14% bonds on June 30, 2022, at 101. The carrying value of the bonds- the redemption date was $111,500. The bonds pay annual interest, and the interest payment due on June 30, 2022, has bee made and recorded. Tastove Inc. redeemed $148,000 face value, 17.50% bonds on June 30, 2022, at 99. The carrying value of the bonds at the redemption date was $150,550. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Bonds Payable Debit Credit 124000 Loss on Bond Redemption Discount on Bonds Payable Cash 2. Bonds Payable Premium on Bonds Payable Cash Gain on Bond Redemption 148000