Two independent situations follow: 1. Pharoah Corporation redeemed $140,400 face value, 12% bonds on June 30, 2021, at 1

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Two Independent Situations Follow 1 Pharoah Corporation Redeemed 140 400 Face Value 12 Bonds On June 30 2021 At 1 1 (32.33 KiB) Viewed 8 times

Two independent situations follow: 1. Pharoah Corporation redeemed $140,400 face value, 12% bonds on June 30, 2021, at 103. The bonds' amortized cost at the redemption date was $126,900. The bonds pay annual interest, and the interest payment due on June 30, 2021, has been made and recorded. Sheffield Inc. redeemed $162,000 face value, 12.5% bonds on June 30, 2021, at 94. The bonds' amortized cost at the redemption date was $163,080. The bonds pay annual interest, and the interest payment due on June 30, 2021, has been made and recorded. For each situation above, prepare the appropriate journal entry for the redemption of the bonds. (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.)