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Question 3 15 pts On August 1, 2020, ASPIRE Company issued its 12% callable bonds in the face amount of P5,000,000 which matures on August 1, 2025. The bonds were issued at 105. The interest payment date is on February 1 and August 1. ASPIRE Company uses the straight-line method of amortizing discount and premium. On December 31, 2022, ASPIRE calls the entire issue at 95 and cancels it. 1. Complete the journal entry on August 1, 2020 provided below: Round-off your answer to whole number. Accounts Debited Accounts Credited Cash Discount on Bonds Payable Bonds Payable Premium on Bonds Payable 2. Complete the journal entry on December 31, 2020 provided below: Round-off your answer to whole number. Interest Expense Premium on Bonds Payable Interest Payable Discount on Bonds Payable 3. Compute for the carrying amount of the Bonds on December 31, 2020. 4. Complete the journal entry on February 1, 2021 Interest Expense Interest Payable Premium on Bonds Payable Cash Discount Bonds Payable 5. Compute for the gain or loss on the date of retirement. Use negative sign if your answer is loss. Round-off your answer to whole number