AMC Entertainment, Inc. owns and operates movie theaters worldwide. Assume the company issued 4 percent bonds at their $58,300,000 face value and then used all of these cash proceeds to retire bonds with a stated interest rate of 6 percent. At that time, the 6 percent bonds had a carrying value of $55,000,000 Required 1. Prepare the journal entries to record the issuance of the 4 percent bonds and the early retirement of the 6 percent bonds. Assume both sets of bonds were issued at face value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit Cash 58,300,000 Bonds Payable 58,300,000 Bonds Payable 55,000,000 Cash 55,000,000 2. Where should AMC report any gain or loss on this transaction? Gain LossS 3. What amount of interest expense is AMC saving each year by replacing the 6 percent bonds with the 4 percent bonds? Answer is complete but not entirely correct. Interest aved per 3,300,000 ear