redemption of bonds

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Miller & Miller sold bonds at a premium for $525,000 (premium of $25,000) eight years ago.

 

a) The corporation redeems $50,000 of this issue at 95. The unamortized premium is $500

 

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b) The corporation redeems $75,000 of this issue at 103. The unamortized premium is $750.

 

I’m needing to prepare the journal entries to record the redemption in a) and b).

 

 

I have the account titles correct:

a) Bonds Payable with a Debit of $50,000

Premium on Bonds Payable

Gain on Bonds Redeemed

Cash

 

b) Bonds Payable ,000 debit

Premium on Bonds Payable

Loss on Bonds Redeemed

Cash

 

I think I’m multiplying the wrong amounts to get the other answers

 

Not sure what I’m doing wrong.

 

Like I say I do have the account titles correct and the Bonds Payable amounts are correct.

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