On January 1, 2011, PQ Company received $452,000 upon issuance of $500,000 of callable, convertible, 8-year, 3% bonds, their interest payable semiannually on June 30 and December 31. Other information about the bonds is as follows:

• PQ has been using the straight-line method to amortize the $48,000 discount, having judged the difference under the effective-interest method to be immaterial.

• Each $1,000 bond is convertible into 50 shares of PQ’s $10 par value common stock, with any interest owed to converting bondholders payable upon their conversion.

• As of January 31, 2017, with PQ’s stock selling at $21 per share and its bonds trading at 97, the company decided to take the bonds off the market. Required—

Prepare the bond-related journal entry(s) PQ should have made on January 31, 2017, under each of the following independent assumptions:

Assumption #1: PQ retired all $500,000 of the bonds in an open market repurchase.

Assumption #2: PQ called the bonds and the holders presented all $500,000 of them for conversion.

Assumption #3: RS retired $200,000 of the bonds in an open market repurchase.

Assumption #4: RS called the bonds and the holders presented all $200,000 of them for conversion