Exercise 10-11 (Algo) Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2021, Shay Company issues $440,000 of 10%, 20-year bonds. The bonds sell for $429.000. Six years later, on January 1, 2027. Shey retires these bonds by buying them on the open market for $462.000. 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 1. What is the amount of the discount on the bonds at issuance? 2. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2021, through December 31, 20287 3. What is the carrying (book) venue of the bonds as of the close of business on December 31, 20267 4. Prepare the journal entry to record the bond retirement Complete this question by entering your answers in the tabs below. PAD 2 1. What is the amount of the discount on the bonds at issuance? 2. much metation of the discount is recorded on the bonds for the entire period from January 1, 2021, through Deramber 31, 2026 H3>> Gever Exercise 10-11 (Algo) Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2021, Shay Company issues $440,000 of 10%, 20-year bonds. The bonds sell for $429,000. Six years later, on January 1, 2027, Shay retires these bonds by buying them on the open market for $462,000 All interest is accounted for and paid through December 31, 2028, the day before the purchase. The straight-line method is used to amortize any bond discount 1. What is the amount of the discount on the bonds at issuance 2. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2021, through December 31, 2026 3. What is the carrying (boold value of the bonds as of the close of business on December 31, 20267 4. Prepare the journal entry to record the bond retirement Complete this question by entering your answers in the tabs below. What is the Canying value FAQ 3 Pac 4 g (book) value of the bends as of the close of business on December 31, 2026 Bands > Reg 1 and 2 Reg 3 Req 4 Prepare the journal entry to record the bond retirement. Journal entry worksheet 1 Prepare the journal entry to record the bond retirement General Journal Debit Credit