The balance sheet of River Electronics Corporation as of December 31, 2023, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2016 and had a remaining discount of $3 million at December 31, 2023. On January 1, 2024, River Electronics called the bonds before their scheduled maturity at the call price of 102.

Required:
Prepare the journal entry by River Electronics to record the redemption of the bonds at January 1, 2024.