Hoover Corp., a wholesaler of music equipment, issued $13,250,000 of 20 -year, 12% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1 . The fiscal year of the company is the calendar year 20Y2 March 1 Issued the bonds for cash at their face amount. September 1 Paid the interest on the bonds. 20Y4 September 1 Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Journalize the entries to record the above selected transactions. Issued the bonds for cash at their face amount. 20Y2 Mar. 1 Feedback Check My Work Bonds payable is always recorded at face value. Paid the interest on the bonds. Paid the interest on the bonds. Feedback Check My Work The semiannual cash payment to bondholders is the interest expense when bonds are sold at face value. Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) 20Y4S Feedback Check My Work The gain or loss is the balancing amount needed to complete the entry and is the difference between the carrying amount of the bonds and the redemption price. A corporation usually redeems its bonds at a price different from that of the carrying amount of the bonds