Short Answer Question 3 Selected accounts of the Mack Corporation had the following balances on December 312015 $200,000 Bonds Payable Discount on Bonds Payable 3,000 The Mack Corporation retired 60% of the outstanding bonds at 95 on January 1, 2016. a) What is the amount of gain, if any, recognized on the bond retirement? b) Make the journal entry to record the retirement Short Answer Question 4 On January 1 of the current year, RESCO issued i 0-year, 9% bond, mith a matunty amount of si million. me bonds were iss d to yield 7%, with interest paid anually on January i of each year. The following table presents relevant time-value-of-money interest factors: Present value of an ordinary annuity of $1 at 7% for 10 years 7.024 Present value of an ordinary annuity of Si at 9% for 10 years 6.418 Present value of $1 at 7% for 10 year.S08 Present value of $1 at 9% for 10 years ,422 a) Calculate the issue price of the bond b) Make the journal entry to record the sale of the bonds