Exercise $14-11($Algo$)$ Straight$-$Line: Bond computations, amortization, and bond retirement LO P$2,$ P$4$

On January $1,2021,$ Shay Company issues $$280,000$ of $12\%,12-$year bonds. The bonds sell for $$272,300.$ Six years later, on January $1,2027,$ Shay retires these bonds by buying them on the open market for $$293,300.$ All interest is accounted for and paid through December $31,2026,$ the day before the purchase. The straight$-$line method is used to amortize any bond discount.

What is the amount of the discount on the bonds at issuance?

How much amortization of the discount is recorded on the bonds for the entire period from January $1,2021,$ through December $31,2026?$

What is the carrying $($book$)$ value of the bonds as of the close of business on December $31,2026?$

Prepare the journal entry to record the bond retireme