On June $30,2016,$ Riverbed Limited issued $\backslash (11\mathrm{.}75\backslash \%\backslash )$ bonds with a par value of $\backslash (\backslash$$ $761,000\backslash )$ due in $20$ years. They were issued at $98$ and were callable at $104$ at any date after June $30,2023.$

Because of lower interest rates and a significant change in the company's credit rating, it was decided to call the entire issue on June $30,2023,$ and to issue new bonds. New $\backslash (10\backslash \%\backslash )$ bonds were sold in the amount of $\backslash (\backslash$$ $1\backslash )$ million at $102$ ; they mature in $20$ years. The company follows ASPE and uses straight$-$line amortization. The interest payment dates are December $31$ and June $30$ of each year.

$($a$)$

Prepare journal entries to record the retirement of the old issue and the sale of the new issue on June $30,2023.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

June $30,$

$2023$

Loss on Redemption of Bonds

$($To record redemption of bonds payable$)$

June $30,$

$2023$

$($To record issuance of new bonds$)$