Hurst, Inc. sold its 8% bonds with a maturity value of $9,000,000 on August 1, 2019 for $8,838,000. At the time of the sale the bonds had 5 years until they reached maturity. Interest on the bonds is payable semiannually on August 1 and February 1. The bonds are callable at 104 at any time after August 1, 2021. On October 1, 2021, Hurst decides to reacquire the entire bond issue. It reacquires $1,500,000 of the bonds at 101. The remainder of the bonds is reacquired using the bonds' existing call feature. Instructions: 1. How much was the gain or loss experienced by Hurst in reacquiring its 8% bonds? (Assume the firm used straight-line amortization.) Show calculations. 2. What is the entry to record the reacquisition and cancelation of the bonds? Edit View Insert Format Tools Table 12pt Paragraph M BIUA v 72 v T