Camden Industries purchased $$600,000$ of $10\%,20-$year bonds on January $1,2020.$ Camden Industries classified the bonds as held to maturity. Camden will receive interest semiannually on July $1$ and January $1.$ Camden uses the effective interest method of amortization for bond premium or discount. Assume a market rate of $12\%$ for the bond investment

Prepare the following entries for Camden.

$1.$ Prepare the journal entry to record the bond investment.

$2.$What is the carrying value for Camden$$s bond investment on January $1,2021?$

$3.$Assuming Camden decides to call the entire bond issue at $101\%$ on January $1,2021,$ how much is the reacquisition gain$/$loss$?$