Question 4 Pina Ltd. sold $6,830,000 of 8% bonds, which were dated March 1, 2020, on June 1, 2020. The bonds paid interest on September 1 and March 1 of each year. The bonds maturity date was March 1, 2030, and the bonds were issued to yield 10%. Pina's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2021, Pina bought back $2,830,000 worth of bonds for $2,730,000 plus accrued interest. Your answer is partially correct. Try again. Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. (Hint: Use the account Interest Expense in your entry). (Round answer to o decimal places, e.o. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 597831 X Gain on Redemption of Boi 851169 x Bonds Payable 683000 SHOW LIST OF ACCOUNTS Prepare the journal entry for the scheduled interest payment on September 1, 2020. (Round answer to o decimal places, 2.9.5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Sept. 1. 2020 interest Expense 298942 Gain on Redemption of 25742 Cash 273200 SHOW UIST OF ACCOUNTS TO TEYT Prepare any year-end entry required at February 28, 2021. (Round answer to o decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation PE Feb. 28, 2021 Interest Expense 300229 Gain on Redemption of 27029 Cash 273200 Prepare the entry required for the redemption of face value $2,830,000 of the bonds on June 1, 2021 (Round answer to o decimal places, .g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1, 2021 Bonds Payable 2830000 Loss on Redemption of Bo 224936 Gain on Redemption of 324936 Cash 2730000