Please complete 1 through 7.

Required information Exercise 10-9 Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 [The following information applies to the questions displayed below.) On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97%. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104%. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 1 1. How much does the company receive when it issues the bonds on January 1, 2017? Cash proceeds from sale of bonds at issuance Exercise 10-9 Part 2 2. What is the amount of the discount on the bonds at January 1, 2017? Amount of discount Exercise 10-9 Part 3 3. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2017, through December 31, 20222 Amortization of discount Exercise 10-9 Part 4 4. What is the carrying (book) value of the bonds and the carrying value of the 20% soon-to-be-retired bonds as of the close of business on December 31, 2022? Entire Retired 20% Group Par value Remaining discount Carrying value $ 0 $ 0 Exercise 10-9 Part 5 5. How much did the company pay on January 1, 2023, to purchase the bonds that it retired? Purchase price Exercise 10-9 Part 6 6. What is the amount of the recorded gain or loss from retiring the bonds? Exercise 10-9 Part 7 7. Prepare the journal entry to record the bond retirement at January 1, 2023. View transaction list Journal entry worksheet 1 Record the retirement of 20% of the bonds before maturity on January 1, 2023. Note: Enter debits before credits. General Journal Debit Date Jan 01, 2023 Credit Record entry Clear entry View general Journal