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Question 1 26 pts On June 1, 2020, XYZ Company issued its 12% callable bonds in the face amount of P5,000,000 which matures on May 31, 2030. The market rate of the bonds is 9%. The interest payment date is on May 31 and November 30. XYZ Company uses the effective interest of amortizing discount and premium. On April 30 2022. XYZ calls the entire issue at 99 and cancels it. Use the table below to compute the present values: 12% 9% 6% . 4.5% 0.3220 0.4224 .5584 10.6439 0.1037 0.1784 0.3118 0.4146 The present value of 1 for 10 periods The present value of 1 for 20 periods The present value of an ordinary annuity for 10 periods The present value of an ordinary annuity for 20 periods 5.650 6.4177 7.361 7.9127 7.469 9 1286 11.4699 13.0079 Required: 1. Compute for the issue price of the bonds. Round-off your answer to whole number. 2. Complete the amortization table below: Round-off your answer to whole numbers. Date Premium or Int payment Interest Expense Discount UnAmortized Premium/Disc Amortization June 1. 2020 November 30, 2021 May 31, 2021 3. Compute for the amount of interest expense recorded on the December 31, 2020 journal entry. ion table below: Round-off your answer to whole numbers. Interest Expense Premium or Discount Amortization UnAmortized Carrying Value Premium/Discount it of interest expense recorded on the December 31, 2020 4. Compute for the carrying amount of the Bonds Payable on December 31, 2020. 5. Prepare the journal entries to record the payment of interest on April 30, 2022. Accounts Accounts Debited Credited Dr. Cr. Interest Expense Interest Payable Premium on Bonds Payable Cash Discount on Bonds Payable 6. Prepare the journal entries to record the retirement of bonds on April 30, 2022. Accounts Debited Accounts Credited Cr. Bonds Payable Premium on Bonds Payable Loss on retirement of Bonds Cash Gain on retirement of Bonds Discount on Bonds Payable