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Please correct the mistakes!!! On January 1, 2019, Shay Company issues $300,000 of 10%, 15-year bonds The bonds sell for $293.250. Six years later, on

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On January 1, 2019, Shay Company issues $300,000 of 10%, 15-year bonds The bonds sell for $293.250. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $315.750. All interest is accounted for and paid through December 31, 2024 the day before the purchase. The straight-line method is used to amortize any bond discount 1. What is the amount of the discount on the bonds at issuance? 2. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2019, through December 31 2024? 3. What is the carrying (book) value of the bonds as of the close of business on December 31, 2024 4. Prepare the joumal entry to record the bond retrement Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Rog i and 2 Rog 3 Rega Reg 1 and 2 Reg 3 Reg. 4 1. What is the amount of the discount on the bonds at issuance? 2. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2019, through December 31, 2024? Amount of discount Amortization of discount 6.750 2700 S Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 What is the carrying (book) value of the bonds as of the close of business on December 31, 20247 s Par value Remaining discount Carrying value Bonds 300,000 (2.700) 297 300 S Reg 1 and 2 Reg 3 Reg 4 Prepare the journal entry to record the bond retirement. Credit NO Date January 01 General Journal Bonds payable Loss on Retirement of Bonds Cash Discount on bonds payable OOO Debit 300,000 6,7503 315,750 6,7503

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