On January $1,2020,$ Delaney Corporation issued five$-$year, $4\%$ bonds payable with a face value of $$2,200,000.$ The bonds were issued at $91$ and pay interest on January $1$ and July $1.$ Delaney amortizes bond discounts using the straight$-$line method. On December $31,2022,$ Delaney retired the bonds early by purchasing them at a market price of $93.$ The company's fiscal year ends on December $31.$

Read the requirements.

Requirement $1.$ Journalize the issuance of the bonds on January $1,2020.($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Journal Entry

$\backslash$table$[[$Journal Entry,,$],[$Date$,$Accounts,Debit,Credit$],[2020,,,],[,,,],[,,,],[,,,],[,,,]]$

Requirements

Journalize the issuance of the bonds on January $1,2020.$

Record the semiannual interest payment and amortization of bond discount on July $1,2020.$

Record the interest accrual and discount amortization on December $31,2020.$

Calculate the carrying value of the bonds payable on December $31,2022,$ prior to their retirement.

Calculate the gain or loss on the retirement of the bonds payable on December $31,2022.$ Indicate where this gain or loss will appear in the financial statements.