REQUIRED: 2015 a) List the three essential characteristics of a "liability" under accounting standards and indicate at which date the bond payable must be recognized as a liability of Basil Lid, (4 marks) b) Prepare the journal entry to record the bond issue. (8 marks) c) Prepare the journal entries required in order to update the portion of the bond issue retired, and to record the bond retirement, (13 marks) d) Assume Basil Lid. is to repay the full bond at maturity, but nevertheless wished to extinguish the entire bond liability through a defeasance transaction, Discuss in detail the requirements of such a disclosure