On January 1, 2008, Davis Corporation issued $3,000,000 of 8% bonds at 103. Interest is paid annually on December 31 of each year. The bonds mature on December 31, 2027, and the company uses the straight-line method of amortization. On January 2, 2019, Davis reacquired the bonds and recognized a loss of $96,000. 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. Calculate the reacquisition price of the bonds on January 2, 2019. $3,054,000 X DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Jan. 2 Bonds Payable 300,000.00 Premium on Bonds Payable 54,000.00 Loss on Bond Reacquisition 96,000.00 Cash 3,054,000.00