Question: what is the gain on bond redemption? please show work (b) Your answer is partially correct. Skysong, Inc. redeemed $163,0000 face value, 13.5% bonds on

what is the gain on bond redemption? please show work (b)

what is the gain on bond redemption? please show work

(b) Your answer is partially correct. Skysong, Inc. redeemed $163,0000 face value, 13.5% bonds on June 30,2022, at 98. The carrying value of the bonds at the redemption date was $176,040. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Date Debit 163,000 Jun. 30 bonds payable premium on bonds payable 13,040 gain on bond redemption cash 159,740

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