On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of principal will be included in the first annual payment? Multiple Choice $20.000 $37258 $25,000 On January 1, $357.600 of par value bonds with a carrying value of $382.000 is converted to 59,600 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except Multiple Choice Debit to Bonds Payable $382.000 Debit to Premium on Bonds Payable $24.400 Credit to Common Stock $298.000 Chang Industries has bonds outstanding with a par value of $218,400 and a carrying value of $230,600. If the company calls these bonds at a price of $224,000, the gain or loss on retirement is: Multiple Choice $5.600 goin $12.200 gain $5,600 loss