On January 1, 2017 Trapp Enterprises issued 10%, 10-year bonds with a face amount of $100,000 at 104. Interest is payable annually on January 1. The bonds were issued for an effective interest rate of 9%. Prepare the entries to record the issuance of the bonds and the first annual interest and amortization assuming that the company uses effective-interest amortization. Presented below are three independent situations: (a) Ball Corporation retired $480,000 of its bonds on June 30, 2017, at 102 The carrying value of the bonds on the retirement date was $471, 500. The bonds pay annual interest and the interest payment due on 2017, has been made and recorded. (b) Horton, Inc. retired $300,000 its bonds at 96 on June 30, 2017, and immediately retired them. The carrying value of the bonds on the retirement date was $295,000. The bonds pay annual interest and the interest payment due on June 30, 2017, has been made and recorded. (c) Valley has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay annual interest on December 31, of each year. The bonds are convertible into 40 shares of Valley $4 par value common stock for each $1,000 par value bond. On December 31, 2017, after the bond interest has been paid, $30,000 par value of bonds was converted. The market value of Valley's common stock was $38 per share on December 31, 2017 For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds