Instructions Chart of Accounts Next Level General Journal Instructions On January 1, 2008, Davis Corporation issued $2,100,000 of 9% bonds at 107. Interest is paid annually on December 31 of each year. The bonds mature on December 31, 2027, an the company uses the straight-line method of amortization. On January 2, 2019, Davis reacquired the bonds and recognized a loss of $95,000. Required: Next Level Calculate the reacquisition price of the bonds on January 2, 2019, and prepare the journal entry to record the reacquisition of Davis's bonds. Chart of Accounts CHART OF ACCOUNTS Davis Corporation General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 255 Bonds Payable 256 Premium on Bonds Payable REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 893 Loss on Bond Reacquisition 910 Income Tax Expense Calculate the reacquisition price of the bonds on January 2, 2019. Prepare the journal entry to record the reacquisition of Davis's bonds on January 2, 2019. GENERAL JOURNAL DATE ACCOUNT TITLE 1 2 3 4 PAGE 1 POST. REF. DEBIT CREDIT