PART B QUESTION DATA (14 marks): On January 1, 2020, Quinton Corporation issued $600,000 of 7% bonds that are due in 10 years for $559,229. Interest will be paid semi-annually on July 1 and January 1. The company follows IFRS and uses the effective interest rate method with an effective rate of 8%. Quinton Corporation has a year-end of August 31st and has prepared the following CORRECT amortization schedule. Use this schedule to answer the following REQUIRED: Date Interest expense Amortization amount 1-Jan-20 1-Jul-20 1-Jan-21 Unamortized amount 40,771 39,402 37,978 Carrying value 559,229 560,598 562,022 22,369 22,424 1,369 1,424 PART B REQUIRED: (1). Record the journal entries from January 1, 2020 to January 1, 2021. Use Contra-Accounts for any bond premium or discount. Round EACH entry line to the nearest whole dollar ( decimals) using the ROUND formula where indicated. Date Account Title Debit Credit Jan. 1/20 Cash Issuance Jul. 1/20 P1 Cash Aug. 31/20 Year-end *ROUND Each line* Interest Payable Jan. 1/21 Interest Expense P2 *ROUND Each line* Cash 21,000 (2). Prepare the financial statement presentation for the year ending August 31, 2020. Use the drop-down boxes to select the appropriate account name and classification. Statement Classification Account name Amount ($) Income statement Stmt. Fin. Position (3). Assume Quinton Corporation redeemed its bonds prior to their maturity date of January 1, 2030. The redemption was performed at 97. As at the redemption date, the unamortized amount of the discount was $13,355. Answer the following: (a) What is the redemption price? (b) Determine the gain/loss on redemption. Gain/Loss on Redemption? Amount ($)