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On May 1, 2021, Pi Corporation issued 5-year bonds with a $400,000 par value at 104. The bonds were dated January 1, 2021 and the coupon interest rate associated with the bond was 12%. Interest is payable semiannually on January 1 and July 1%on Jan 1, 2023, after making coupon payment, the company calls the entire bonds at 110. Pi Corporation uses the straight-line amortization method. [Note: When amortizing the premium/discount, you need to work in months rather than years). [Round amounts to the nearest dollar). Required: 1. Prepare the journal entries for the following dates: 5/1/2021 (at issuance), 7/1/2021 (first interest payment date) and 12/31/2021 (year-end adjusting entry). [15 points) 2. How much is the bond's carrying value at the time of extinguishment? (5 points) 3. Prepare a journal entry to reflect the gain or loss to be recognized on early extinguishment of bonds on Jan 1, 2023 (no need to prepare the entry for coupon payment. Just prepare an entry for the extinguishment of bond) (5 points)