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Exercise 10-11 (Algo) Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2021, Shay Company issues $420,000 of 9% 12-year bonds. The bonds sell for $408.450 Six years later, on January 1 2027, Shay retires these bonds by buying them on the open market for $438,900. All interest is accounted for and paid through December 31, 2026, 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, 2021 through December 31, 20267 3. What is the carrying (book) value of the bonds as of the close of business on December 31, 20267 4. Prepare the journal entry to record the band retirement Complete this question by entering your answers in the tabs below. Reai and 2 Reg 3 R4 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, 2021, through December 31, 20267 Amount of discount 2. Amortization of decount Reg 3 > Exercise 10-11 (Algo) Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2021, Shay Company issues $420,000 of 9%, 12 year bonds. The bonds sell for $408,450. Six years later, on January 1, 2027, Shay retires these bonds by buying them on the open market for $438,900. All interest is accounted for and paid through December 31, 2026, 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, 2021, through December 31, 20262 3. What is the carrying (book) value of the bonds as of the close of business on December 31, 2026? 4. Prepare the journal entry to record the bond retirement Complete this question by entering your answers in the tabs below. Red 1 and 2 Reg 3 Reg 4 What is the carrying (book) value of the bonds as of the close of business on December 31, 2026? Bonde Par value Remaining discount Carrying value Exercise 10-11 (Algo) Straight-Line: Bond computations, amortization, and bond retirement LO P2, P4 On January 1, 2021, Shay Company issues $420,000 of 9% 12-year bonds. The bonds sell for $408.450. Six years later, on January 1, 2027. Shay retires these bonds by buying them on the open market for $438,900. All interest is accounted for and pold through December 31, 2026, 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, 2021, through December 31, 3. What is the carrying (book) value of the bonds as of the close of business on December 31, 2026? 4. Prepare the Journal entry to record the bond retirement 20267 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Prepare the journal entry to record the bond retirement View transaction that Journal entry worksheet Prepare the journal entry to record the bond retirement No er det before credits General Journal Date January 01 Debit Credit Record entry Clear entry View general joumal