Gassy Stores sells $$400,000$ of $12\%$ bonds on June $1,2022.$ The bonds pay interest on December $1$ and June $1.$ The due date of the bonds is June $1,2026.$ The market rate of similar investments is $10\%.$ On December $1,2024,$ Gassy Stores retired the bond for $$400,000.$ The company closes its books on December $31.$Requirements: $($Show all workings$)$I$.$ Calculate the proceeds from the sale of the bond. Clearly show the amount of the premium or discount and state two reasons which supportthe premium or discount calculated.II$$

$$Prepare a bond amortization schedule for the bonds lifeIII.

 Prepare all the journal entries for $2022,2023$ & $2024.$