The situations presented here are independent of each other.

For each situation, prepare the appropriate journal entry for the redemption of the bonds.

Pelfer Corporation redeemed $160,000 face value, 10% bonds on April 30, 2014, at 105. The carrying value of the bonds at the redemption date was $144,571. The bonds pay annual interest, and the interest payment due on April 30, 2014, has been made and recorded.

2-Youngman, Inc., redeemed $250,400 face value, 14.3% bonds on June 30, 2014, at 96. The carrying value of the bonds at the redemption date was $271,021. The bonds pay annual interest, and the interest payment due on June 30, 2014, has been made and recorded.