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Question 3 - (12 Points) On December 31, 2019, immediately after making its interest payment, Marion, Inc. called its outstanding $400,000 10% bond at 101.

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Question 3 - (12 Points) On December 31, 2019, immediately after making its interest payment, Marion, Inc. called its outstanding $400,000 10% bond at 101. On this date, the bond had unamortized premium of $2.000. Required a. Determine the carry value of the bond at 12/31/19 b. Determine the gain/loss to be recognized on the retirement of the bond as 12/31/19. C. Prepare the entry to record the retirement of the bond at 12/31/19

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