On January 1, 2018, Patel Company issued $350,000 of 6%, five-year bonds payable at 105. Patel Company has extra cash and wishes to retire the bonds payable on January 1, 2019, immediately after making the second semiannual interest payment. To retire the bonds, Patel pays the market price of 90. Read the requirements. (Assume bonds payable are amortized using the straight-line amortization method.) Requirement 1. What is Patel Company's carrying amount of the bonds payable on the retirement date? The carrying amount of the bonds payable on the retirement date is 1. What is Patel Company's carrying amount of the bonds payable on the retirement date? 2. How much cash must Patel Company pay to retire the bonds payable? 3. Compute Patel Company's gain or loss on the retirement of the bonds payable