On January 1, 2024. Patel Company issued $450.000 of 9% five year bonds payable 104 pel Company has extra cash and wishes to retire the bonds payable on January 1, 2025, immediately ahe making the second semiannual interest payment. To retire the bonds. Patel pay the market price of 92 Read the aurements. Asume bonds payable are amortized using the straight-in motion method.) Requirement 1. What is Palet Company's carrying amount of the bonds payable on the retirement date? The carrying amount of the bonds payable on the retirement dans Requirement 2. How much cash mus Pate Company Day to retire the bonds payable? To retire the bonds, Patel Company must pay Requirement Computer Patel Comary gain or loss on the retirement of the bonda payable (parentheses or minus sign for Porn Company's own orloes on ta tetement of a bonda povabile