Problem 14-18 (Algo) Early extinguishment [LO14-5] The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2020, included 9% bonds having a face amount of $43.6 million and a remaining premium of $6.9 million. On January 1, 2021, Eastern Post retired some of the bonds before their scheduled maturity. Required: Prepare the journal entry by Eastern Post to record the redemption of the bonds under each of the independent circumstances below: 1. Eastern Post called half the bonds at the call price of 105 (105% of face amount). 2. Eastern Post repurchased $10.9 million of the bonds on the open market at their market price of $11.4 million. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the entry for redemption of the bonds assuming Eastern Post called half the bonds at the call price of 105 (105% of face amount). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the redemption of the bonds. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021