The balance sheet of Blue Bean Company as of December 31, 2018, included 11% bonds having a face amount of $1,500,000. The bonds had been issued in 2011 and had a remaining discount of $50,000 December 31, 2018. On January 1, 2021, blue being electronics called the bond before their scheduled maturity at the Khal price of 102.

Prepare the journal entry to record the redemption of the bonds at January 1, 2019.