The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of
$90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021, 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, 2021. (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.)
My explanation would be that the other reasons listed are for personal use such as friends birthdays, music, and a new clock, but the third answer is listing things appropriate for a business.
