16. $100,000 of five-year bonds are sold for $97,300 on the issue date. Interest of $4,000 is paid each year until the bonds are repaid. What is the total interest expense to the company for issuing these bonds?

17. KaiEntertainment had $1,600,000 of 6%, $1,000 par callable bonds outstanding on December 31, 2019, with a carrying value of $1,700,000. Kaidecides to call the bonds on January 2, 2020. The call price is 103. Compute the gain or loss on early retirement of bonds.

18. CastleCorp. decided to go into the market to repurchase bonds before their due date. On the date of retirement, the balance on the Bonds Payable account was $5,000,000 and the balance on the Discount on Bonds Payable account was $76,000. If Castlepays $4,900,000 to retire the bond, what is the gain or loss on the early extinguishment of the debt?