The long-term liability section of a corporation balance sheet as of December 31, 2020 , included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On January 1, 2021 the corporation retired some of the bonds before their scheduled maturity.

Require 1

The corporation called half the bonds at the call price of 102 (102% of the face amount)

Record the entry for redemption of the bonds as of 1/1/2021

Require 2

The corporation repurchased $10 million of the bonds on the open market at their market of 10.5 million

Record the entry for the redemptions of the bonds as of 1/1/2021