On January 1, 2019, Shay Company issues $420,000 of 9%, 12-year bonds. The bonds sell for $408,450. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $438,900. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount. 1. What is the amount of the discount on the bonds at issuance? 2. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2019, through December 31, 2024? 3. What is the carrying (book) value of the bonds as of the close of business on December 31, 2024? 4. Prepare the journal entry to record the bond retirement. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 What is the carrying (book) value of the bonds as of the close of business on December 31, 2024? Bonds Par value Remaining discount Carrying value 420,000 $420,000 KReq 1 and 2 Req4> Journal entry worksheet Prepare the journal entry to record the bond retirement. Note: Enter debits before credits. Date General Journal Debit Credit January 01 onds payable oss on Retirement of Bonds Cash iscount on bonds payable Record entry Clear entry View general journal