Entries for Bonds Payable, including bond redemption The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July 1. Issued $1,050,000 of five-year, 10% callable bonds dated July 1, Year 1, at a market (effective) rate of 11%, receiving cash of $1,010,425, Interest is payable semiannually on December 31 and June 30. Dec. 31. Paid the semiannuat interest on the bonds. The bond discount amortization of $3,957 is combined with the semiannual interest payment. Dec. 31. Closed the interest expense account Year 2 June 30. Paid the semiannual Interest on the bonds. The bond discount amortization of $3,957 is combined with the semiannual interest payment. Dec. 31. Pald the semiannual interest on the bonds. The bond discount amortization of $3,957 is combined with the semiannual interest payment. Dec. 31. Closed the interest expense account. Year 3 June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $23,744 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) Required: 1. Journalize the entres to record the foregoing transactions. If an amount box does not require an entry, leave it blank or enterO". When required, round your answers to the nearest dollar Date Account Debit Credit suly Cash 1,010,428 Discount on bonds buvable 39,572 Bords 1,050,000 Dec. 31-Bond Interest expense 56,457 Discount on bonds payable Cash 3,957 52,500 Dec. 31-Closing Income summary 56,457 Interest expense 56,457 Year 2 June 30 Interest expense 56,457 Discount on bonds payable 3,957 Cash 52,500 Dec 31-Bond Interest expense 56,457 Discount on bonds payable 3,957 Cash 52,500 Dec. 31-Closing Income summary 112,914 Interest expense 112,914 Year 3 June 30 Bonds payable 1,050,000 Loss on redemption of bonds 2.744 Dec. 31-Closing Income summary 112,914 Interest expense 112,914 Year 3 June 30 Bonds payable 1,050,000 Loss on redemption of bonds 2,744 Discount on bonds payable 23,744 Cash 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2 1,029,000 a. Year 56,457 b. Year 2 112,914 3. Determine the carrying amount the bonds as of December 31, Year 2 1,236,256 X