Question: On January 1 , 2 0 2 5 , Ivanhoe Corporation redeemed $ 5 5 0 , 0 0 0 of bonds at 9 8

On January

1, 2025,

Ivanhoe Corporation redeemed $

550, 000

of bonds at

98 .

At the time of redemption, the unamortized premium was $

16, 500 .

Prepare the corporation's journal entry to record the reacquisition of the bonds.

(

If no entry is required, select

"

No Entry" for the account titles and enter

0

for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.

)

Account Titles and Explanation

Debit

Credit

Premium on Bonds Payable

Gain on Redemption of Bonds

On January 1,2025, Ivanhoe Corporation redeemed $550,000 of bonds at 98.

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