On January 1, 2020, Potvin Inc. issued $600,000 of 13 percent, five-year bonds payable at 103. Potvin has extra cash and wishes to retire all of the bonds payable on January 1, 2021, immediately after making the second semi-annual interest payment. Potvin uses the straight-line method of amortization. To retire the bonds, Potvin pays the market price of 95. a. What is Potvin's carrying amount of the bonds payable on the retirement date? b. How much cash must Potvin pay to retire the bonds payable? c. Compute Potvin's gain or loss on the retirement of the bonds payable. a. What is Potvin's carrying amount of the bonds payable on the retirement date? The carrying amount of the bonds payable on the retirement date is $0. b. How much cash must Potvin pay to retire the bonds payable? To retire the bonds Potvin must pay $0. c. Compute Potvin's gain or loss on the retirement of the bonds payable. Potvin's on retirement of the bonds payable is $