The long-term liability section of Johnson Laboratories balance sheet as of December 31, 2014, included 10% bonds having a face amount of $250 million and a remaining premium of $10 million. On January 2, 2015, Johnson retired some of the bonds before their scheduled maturity.

Prepare the journal entry by Johnson to record the redemption of the bonds under each of the independent circumstances below:

Johnson called half the bonds at the call price of 102.5 (102.5% of face amount).

Johnson repurchased $75 million of the bonds on the open market at their market price of $79.5 million.