I. On January 1, 2018, Banno Corporation issued $1,500,000 Face Value of 10% coupon bonds at a price of 103, due December 31 2027. Interest on the bonds is payable annually each December 31. The premium on the bond is being amortized on a straight-line basis over the ten years (Straight-line is not materially different in effect from the preferred effective interest method). The bonds are callable at a price of 100 % and on January 1, 2024, called all $1,500,000 Face amount of the bonds and redeemed them. There are no issue costs. gnoring income taxes, compute the amount of gain or loss to be recognized by Banno as a result of retiring the bonds in 2024 and prepare the joumal entry to record the redemption. 2. Re-do problem 1, but this time assume that there were $24,000 of issue costs Also answer, what is the effect of the issue costs on the gain or loss you calculated in problem 1? Re-do problem 1, but assume that there are no issue costs and that this time, only $900,000 Face Value of the bonds were redeemed. 3. 4. Re-do problem 3, but this time assume that there were $24,000 of issue costs Also answer, what is the effect of the issue costs on the gain or loss you calculated in problem 1? I. On January 1, 2018, Banno Corporation issued $1,500,000 Face Value of 10% coupon bonds at a price of 103, due December 31 2027. Interest on the bonds is payable annually each December 31. The premium on the bond is being amortized on a straight-line basis over the ten years (Straight-line is not materially different in effect from the preferred effective interest method). The bonds are callable at a price of 100 % and on January 1, 2024, called all $1,500,000 Face amount of the bonds and redeemed them. There are no issue costs. gnoring income taxes, compute the amount of gain or loss to be recognized by Banno as a result of retiring the bonds in 2024 and prepare the joumal entry to record the redemption. 2. Re-do problem 1, but this time assume that there were $24,000 of issue costs Also answer, what is the effect of the issue costs on the gain or loss you calculated in problem 1? Re-do problem 1, but assume that there are no issue costs and that this time, only $900,000 Face Value of the bonds were redeemed. 3. 4. Re-do problem 3, but this time assume that there were $24,000 of issue costs Also answer, what is the effect of the issue costs on the gain or loss you calculated in problem 1