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On January 1, 2008, Shelly Corp. issued $8,000,000 face value 20-year bonds at 101. Bond issuance costs total $40,000. The bonds pay interest semi-annually on

On January 1, 2008, Shelly Corp. issued $8,000,000 face value 20-year bonds at 101. Bond issuance costs total $40,000. The bonds pay interest semi-annually on Jan 1 and Dec 1. Shelly uses straight-line amortization. On Jan 1, 2016, Shelly calls the entire issue at 103 and cancels it. Required: Prepare the journal entry for this bond redemption on Jan 1, 2016. Please show all work

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