Hill Corporation issued $3,000,000 of 7% bonds at 98 on January 2, 2019. Interest is paid semiannually on June 30 and December 31. The bonds had a 10-year life from the date of issue, and the company uses the straight-line method of amortization. On March 31, 2022, Hill recalls the bonds at the call price of 108 plus accrued interest. Required: Prepare the journal entries to record the reacquisition (recall) of Hill's bonds. ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 540 Interest Expense 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 255 Bonds Payable 541 Depreciation Expense 559 Miscellaneous Expenses 892 Loss on Bond Redemption 910 Income Tax Expense 256 Premium on Bonds Payable 257 Discount on Bonds Payable 258 Interest Payable 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Prepare the journal entries to record the reacquisition (recall) of Hill's bonds on March 31, 2022. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Mar. 31 8