The December 31, 2020 balance sheet of the Maine Lobster Company included the following items: 5% bonds payable due December 31, 2028 $3,000,000
Unamortized discount on bonds payable 144,000

The bonds were originally issued on December 31, 2018 at 94, with interest payable on June 30 and December 31. Amortization of bond discount is also recorded at the time interest is paid. On April 1, 2021, Maine Lobster Company redeemed $600,000 of these bonds at 103. The accrued interest on the bonds redeemed was also paid.

Required:
a. Prepare the April 1, 2021 journal entries.
b. Prepare the June 30, 2021 journal entries.

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents