On January 1, 2024, Perriello Company issued $350,000 of 5%, five-year bonds payable at 103. Perriello Company has extra cash and wishes to retire the bonds payable on January 1, 2025, immediately after making the second semiannual interest paymen To retire the bonds, Perriello pays the market price of 96. Read the requirements. (Assume bonds payable are amortized using the straight-line amortization method.)