On January 1, 2021, Ibtesam Corp. issued $80,000 face value bonds at 102. These bonds pay interest at a 12% annual rate and pay interest twice a year, on June 30th and December 31st. The bonds have a 2-year life. 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2021 (3 points). Cash Premium Bonds Payable 2. Prepare the journal entry to record the first interest payment on June 30, 2021 (3 points). Interest Expense Loss Cash 3. Prepare the journal entry to record the second interest payment on December 31, 2021 (3 points). Interest Expense Loss Cash 4. On December 31, 2021, Ibtesam Corp. retired the bonds at 97. Prepare the journal entry to record the retirement (4 points). Bonds Payable Premium Cash Gain