E9-19A (similar to) Question Help On January 1, 2017, Ashford Corporation issued five-year, 8% bonds payable with a face value of $2,700,000. The bonds were issued at 90 and pay interest on January 1 and 1 Ashford amortizes bond discounts using the straight-line method On December 31, 2019, Ashford retired the bonds early by purchasing them at a market price of s. The company's fiscal year ends on December 31 Read the resuirements Requirement 1. Journalize the issuance of the bonds on January 1, 2017. (Record dobits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit 2017 Jan 1 Requirements 1 1. Journalize the issuance of the bonds on January 1, 2017 2. Record the semiannual interest payment and amortization of bond discount on July 1, 2017 3. Record the interest accrual and discount amortization on December 31, 2017 4. Calculate the carrying value of the bonds payable on December 31, 2019, prior to their retirement. 5. Calculate the gain or loss on the retirement of the bonds payable on December 31, 2019. Indicate where this gain or loss will appear in the financial statements. Print Done