Orbit Company issued a $130,000,11%,10-yoar bond payable at 90 on January 1,2024 . Interest is paid semiannually on January 1 and July 1. Read the requirements: Requirement 1. Journalize the issuance of the bond payable on January 1, 2024. (Record debils first, then cresis. Select explanations on the last line of the jot Requirements 1. Journalize the issuance of the bond payable on January 1,2024 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1,2024. On January 1, 2024, Potvin Company issubd $400,000 of 5%. five-year bonds payable at 104. Potvin Company has extra cash and wishes to retire the bonds paysble on January 1, 2025 , immedlately after making the second semiannual interest payment. To rebire the bonds, Potven pays the market price of 91 Road the (Assume bonds payable are amortzed using the straightline amortzation method) Requirement 1. What is Potvin Company's carrying amount of the bonds payable on the rebrement date? The carrying amount of the bonds payable on the retirement date is Requirements 1. What is Potvin Company's carrying amount of the bonds payable on the retirement date? 2. How much cash must Potvin Compary pay to retire the bonds payable? 3. Compute Potvin Companys gain or loss on the retirement of the bonds payable