Discuss the below:
REDEMPTION OF BONDS ISSUED AT A PREMIUM
Q: Brighton Unlimited sold bonds at a premium for $630,000 (premium of $30,000) eight years ago.
(a) The corporation redeems $60,000 of this issue at 98. The unamortized premium is $600.
(b) The corporation redeems $90,000 of this issue at 102. The unamortized premium is $900.
Prepare journal entries to record the redemption in (a) and (b).