On January 1, 2020, Purtell Inc. issued $550,000 of 14 percent, five-year bonds payable at 105. Purtell 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. Purtell uses the straight-line method of amortization. To retire the bonds, Purtell pays the market price of 97 a. What is Purtell's carrying amount of the bonds payable on the retirement date? b. How much cash must Purtell pay to retire the bonds payable? c. Compute Purtell's gain or loss on the retirement of the bonds payable. a. What is Purtell'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 Purtell pay to retire the bonds payable? To retire the bonds Purtell must pay $ c. Compute Purtell's gain or loss on the retirement of the bonds payable Purtell's on the retirement of the bonds payable is $