Exercise $14-23($Algo$)$ Early extinguishment $[$LO$14-5]$

The balance sheet of River Electronics Corporation as of December $31,2023,$ included $14\mathrm{.}00\%$ bonds having a face amount of $$90\mathrm{.}7$

million. The bonds had been issued in $2016$ and had a remaining discount of $$3\mathrm{.}7$ million at December $31,2023.$ On January $1,2024,$

River Electronics called the bonds before their scheduled maturity at the call price of $102.$

Required:

Prepare the journal entry by River Electronics to record the redemption of the bonds at January $1,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers

in whole dollars.

Journal entry worksheet

$1$

Record the redemption of the bonds.