On January 1, 2018, QLI Corp. issued $700,000 Face Value, 10% bonds for $880,000 These bonds were to mature on December 31, 2027, but were callable at a price of 96 any time after December 31, 2020. Interest was payable semiannually on June 30 and December 31. Bond Issue Costs were $10,000. On July 1, 2024, QLI called and re-purchased $420,000 Face Value of the bonds for a price of 96 and retired them. Bond premium or discount is amortized on a straight-line basis. QLi's fiscal-year end is December 31. a. Give QLi's journal entry for issuance of the bond on January 1, 2018. (5 points) b. Ignoring income taxes, give QLi's journal entry in 2024 for this early extinguishment of debt. (17 points)