Wood Company retired $500,000 face value, 9% bonds on June 30, 2019 at 98. The carrying value of the bonds at the redemption date was $508,000. Interest payment had been made prior to the redemption. Prepare the journal entry to record the redemption of these bonds.

1/1/2019 Riley Company issued a $2,500,000, 10%, 10 year mortgage note payable to finance the construction of a building. The terms of the note provide for semi-annual installment payments of $200,608 on June 30 and December 31 of each year. Prepare the journal entries to record: the mortage loan on January 1, 2019 the first installment payment on June 30, 2019 the second installment payment on December 31, 2019