Question 10 Not complete Marked out of 0.63 Flag question Recording the Refunding of Long-Term Debt On January 1 of Year 1, Rocket Corporation issued $275,000 of 6%, 20-year bonds at 98. The interest is payable each December 31. Rocket uses straight-line amortization. The company's accounting period ends December 31. On January 1 of Year 10, Rocket issued $275,000, 5% 20-year bonds at par; it then immediately purchased all of the 6% bonds. On this date, the 6% bonds could be purchased in the open market at 102. a. Provide the entry for issuance of the 6% bonds on January 1 of Year 1. b. Provide the entry for issuance of the 5% bonds on January 1 of Year 10. c. Provide the entry to record the extinguishment of the 6% bonds on January 1 of Year 10. Date a. Jan. 1, Year 1 Account Name To record the issuance of bonds. b. Jan. 1, Year 10 To record the issuance of bonds. c. Jan. 1, Year 10 To record the extinguishment of bonds. < < < < < < < < < Dr. Cr. 0 0 0 ooo 0 OO 0 Oo 0 0 000 0 0000