Exercise 15-08 Your answer is partially correct. Try again. The following are two independent situations. 1. Crane Corporation redeemed $137,100 face value, 12% bonds on June 30, 2020, at 108. The carrying value of the bonds at the redemption date was $123,600. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $153,000 face value, 17.50% bonds on June 30, 2020, at 98. The carrying value of the bonds at the redemption date was $155,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Bonds Payable 137100 X Loss on Bond Redemption 10968 Discount on Bonds Payable 13500 X Cash 145326 2. Bonds Payable 153000 Premium on Bonds Payable 2000 X Gain on Bond Redemption 3060 X Cash Click if you would like to Show Work for this question: Open Show Work