(Answered) The balance sheet of indian river electronics corporation

Accounting

The balance sheet of Indian River Electronics Corporation as of December 31, 2010, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2003 and had a remaining discount of $3 million at December 31, 2010. On January 1, 2011, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102.

Required:

Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2011.

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