5. Make the closing entry for December 31, 2019 (Assume the straight-line ma is being used) PROBLEM III (10%) On January 1, 2014, Soprano Corp. issued $2,000,000, 10%, 10-year bonds at 95. Soprano recorded the annual payment of interest and straight-line amortization of the discount each December 31st. On January 1, 2020 Soprano retired the bonds recalling them at 101. REQUIRED: Prepare the journal entry for the retirement of the bonds on January 1, 2020