On January 1, 2008, Davis Corporation issued $3,000,000 of 8% bonds at 101. 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, 2016, Davis reacquired the bonds and recognized a loss of $91,000.

Prepare the journal entry to record the reacquisition of Daviss bonds on January 2, 2016.

Calculate the reacquisition price of the bonds on January 2, 2016.