Problem 2 (1.5 points) On 31 December 207, Dunder Mifflin has the following bond on the statement of financial position: Bond payable, 10%, interest due semi-annually on 31 March and 30 September; maturity date, 30 September 2010 Discount on bonds payable Accrued interest payable of $400,000 was recorded on 31 December 207 using the market interest rate of 10%($16,000,00010%3/12) and the bond discount was correctly amortized to 31 December 20x7. On 31March208, semi-annual interest was paid and the bond discount was amortized by a further $8,400. The market interest rate is 10% on March 31208. Then, 35% of the bond was retired at a cost of $5,488,000 (exclusive of interest). Note: Bond was originally issued when the market rate was higher creating the discount account on the statement of financial position Required: Provide the entries to record the bond interest and retirement on 31 March 208