BEE.16 (LO 2) Gleason Enterprises issued 6%, 8-year, $2,500,00o par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2020, and are issued on that date. The discount rate of interest for such bonds on April 1, 2020, is 8%. What cash proceeds did Gleason receive from issuance of the bonds? Compute the present value of bonds. f) Assume that the carrying value of the bonds after the interest payment on 1 April 2021 is $2,235,928 and that the business redeems the bonds on that date for a price of 94. 1) Prepare the JE for the redemption of the bonds. 2) If you recognized a gain or loss on the redemption, would this be classified under Other Income and Expense or OCI? Explain your answer. 3) At a price of 94, was the market interest rate on the date of redemption greater than, less than, or equal to 6%? Explain your