On January 1, 2023, Collen issued $300,000, 12-year, 12% callable bonds for 98%. On December 31, 2026, Colleen redeemed the bonds at 101%.

REQUIRED:

(1) Prepare the journal entry to record the issuance of the bond (DO NOT NEED TO DO THE 4-step process)

(2) Determine the amount of the discount/premium that is still not amortized (straight-line)

(3) Prepare the journal entry to record the calling of the bond.