The long-term liability section of Eastern Post Corporations balance sheet as of January 1, 2018, included 9% bonds having a face amount of $44.8 million and a remaining premium of $7.2 million. On January 1, 2018, 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 102 (102% of face amount). 2. Eastern Post repurchased $11.2 million of the bonds on the open market at their market price of $11.7 million.