hort Answer Question 3 selected accounts of the Mack Corporation had the following balances on December 31.2015: $200,000 Bonds Payable Discount on Bonds Payable $3,000 The Mack Corporation retired 60% of the outstanding bonds at 95 on January 1, 2016. What is the amount of gain, If any, recognized on the bond retirement? a) b) Make the journal entry to record the retirement Short Answer Question 4 On January 1 of the current year, REBCO issued 10-year, 9% bonds were issued to yield 7%, with interest paid annually time-value-of-money interest factors: with a maturity amount of $1 million. The bonds on January 1 of each year. The following table presents relevant Present value of an ordinary annuity of $1 at 7% for 10 years 7.024 Present value of an ordinary annuity of $1 at 9% for 10 years 6.418 Present value of $1 at 7% for 10 years .508 Present value of $1 at 9% for 10 years .422 a) Calculate the issue price of the bond Make the journal entry to record the sale of the bonds b)