The long-term liability section of Eastern Post Corporations balance sheet as of December 31, 2020, included 10% bonds having a face amount of $46.0 million and a remaining premium of $7.5 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 102 (102% of face amount). 2. Eastern Post repurchased $11.5 million of the bonds on the open market at their market price of $12.0 million.