Briar Industries sold its 5% bonds with a maturity value of $4,000,000 on January 15', 2013 for $3,705,597. At the time of the sale, the bonds had 10 years until they reached maturity and a market rate of 6%. Interest on the bonds is payable annually on January 15'. The bonds are callable at 101 at any time after July 13", 2014. The company uses the effective rate of interest to amortize the bond discount. The bond amortization table is given below. On July 13', 2014, the company retired 75% of the bond issue at the call price of 101. Opening Interest Cash Closing Interest Period Balance Expense Payment Difference Balance 2013 $ 3,705,597 $ 222,336 $ 200,000 $ 22,336 $ 3,727,932 2014 3,727,932 223,676 200.000 23,676 3,751,608 2015 3,751,608 225,096 200,000 25,096 3,776,705 2016 3,776,705 226,602 200,000 26,602 3,803,307 2017 3,808,307 228,198 200.000 28,198 3,831,505 2018 3,831,505 229,890 200.000 29,890 3,861,396 2019 3,861,396 231,684 200.000 31,684 3,893,080 2020 3,893,080 233,585 200.000 33,585 3,926,664 2021 3,926,664 235,600 200,000 35,600 3,962,264 2022 3,962,264 237,736 200,000 37,736 4,000,000 Required: 1. In the final analysis, how much was the gain or less experienced by Briar in reacquiring its 5% bonds? Provide the journal entries to retire the bond on July 15', 2014. Show all calculations. (8 marks)