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The long-term liability section of Eastern Post Corporations balance sheet as of January 1, 2018,...

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Accounting

The long-term liability section of Eastern Post Corporations balance sheet as of January 1, 2018, included 8% bonds having a face amount of $46.8 million and a remaining premium of $7.7 million. On January 1, 2018, Eastern Post retired some of the bonds before their scheduled maturity. Required:

Prepare the journal entry by Eastern Post to record the redemption of the bonds under each of the independent circumstances below:

1. Eastern Post called half the bonds at the call price of 104 (104% of face amount). 2. Eastern Post repurchased $11.7 million of the bonds on the open market at their market price of $12.2 million.

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