Presented below are two independent situations: (a) Morten Corporation purchased $480,000 of its bonds on June 30, 2014 at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $431,100. The bonds pay annual interest and the interest payment due on June 30, 2014, has been made and recorded. (b) McEvoy, Inc. purchased $330,000 of its bonds at 96 on June 30, 2014, and immediately retired them. The carrying value of the bonds on the retirement date was $321,000. The bonds pay annual interest and the interest payment due on June 30, 2014, has been made and recorded. Instructions: For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.