On January 1, 2024, Patel Company issued $300,000 of 10%, five-year bonds payable at 106. Patel Company has extra cash and wishes to retire the bonds payable on January 1, 2025, immediately after making the second semiannual interest payment. To retire the bonds, Patel pays the market price of 91. Read the requirements (Assume bonds payable are amortized using the straight-line amortization method) GEDOR Requirement 1. What is Patel Company's carrying amount of the bonds payable on the retirement date? The carrying amount of the bonds payable on the retirement date is Requirement 2. How much cash must Patel Company pay to retire the bonds payable? To retire the bonds, Patel Company must pay Requirement 3. Compute Patel Company's gain or loss on the retirement of the bonds payable (Use parentheses or a minus sign for losses ) Patel Company's gain or loss on the retirement of the bonds payable is

On January 1, 2024, Patel Company lssued 5300,000 of 10%. five year bonds payable at 106 . Patel Company has extra casch and wishes to retre the bands payatle on January 1. 2025. immedialely after making the second semiannual interest payment. To retirn the bonds, Patel pays the market price of 91 Read the tequirements. (Assume bonds payable art arnorticed using the straight-line amortiation method) Requirement 1. What is Patel Company's carrying amount of the bonds payable on the retirement date? The carrying amound of the bonds payable on the retirement date is Requirement 2. How much cash must Patel Company pay to retire the bonds pavable? To retire the bends. Patel Company must pay Requirement 3. Compule Palel Campany's gain of loss on the retrement of the bonds payable (Use parentheses or a minus sign far iosses) Patel Companys gain or loss on the retiement of the bonda payabile ha