(Entries for redemption and Issuance of Bonds) Matt Perry, Inc. had outstanding$6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 98. A portion of the proceeds was used to call the 11% bonds ( with an unamortized discount of $120,000) at 102 on August 1.

Prepare the journal entries necessary to record the issue of the new bonds and the refunding of the bonds.

** I need the step by step procedure as well as the:

Reacquisition price

Net carrying amount of bonds redeemed:

Par value

Unamortized bond discount

Loss on redemption.

Thank you,