QUESTION 18 The following information relates to the next three questions. The December 31, 2021 balance sheet of Lujan Corporation includes $3.000.000 face value of bonds payable with a carrying value of $3,081,000. The bonds have a stated rate of 9%. They were issued on 12/31/20. Lujan uses straight-line amortization. The market rate of interest for Lujan's bonds is: 1. Cannot be determined 2. Lower than 9% 3. Higher than 9% 4. Equal to 9% QUESTION 19 What is the expected maturity date of the bonds if 59,000 of premium was used up in the first year 1. December 31, 2030 2. December 31, 2021 3. December 31, 2025 4. Cannot be determined On March 1, 2022 Lujan retired $1,200,000 of these bonds at 98 plus accrued interest What should Lujan record as a gain on retirement of these bonds? Ignore taxes. NOTE: Make sure you update the premium account before calculating the gain or loss