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Windsor Inc. is building a new hockey arena at a cost of $2,350,000. It received a down payment of $470,000 from local businesses to support the project, and now needs to borrow $1,880,000 to complete the project. It therefore decides to issue $1,880,000 of 10- year, 10.5% bonds. These bonds were issued on January 1, 2020, and pay interest annually on each January 1. The bonds yield 10% to the investor and have an effective interest rate to the issuer of 10.4053%. (There is an increased effective interest rate due to the capitalization of the bond issue costs.) Any additional funds that are needed to complete the project will be obtained from local businesses. Windsor Inc. paid and capitalized $47,000 in bond issuance costs related to the bond issue. Windsor prepares financial statements in accordance with IFRS. Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the value of the bonds and prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Hint: Refer to Chapter 3 for tips on calculating. For the journal entry, use the amount arrived at using the time value of money tables.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 1467753 Bonds Payable 1467753 Prepare a bond amortization schedule up to and including January 1, 2025, using the effective interest method. (Round answers to O decimal places, e.g. 5,275.) Assume that on July 1, 2023, the company retires half of the bonds at a cost of $1,001,000 plus accrued interest. Prepare the journal entries to record this retirement. (Round answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit July 1, 2023 Bonds Payable 16666 Interest Expense 32684 DA IN Cash 49350 (To record payment of interest and amortization amount) July 1, 2023 Bonds Payable 940000 Bonds Payable Loss on Redemption of Bonds 363974 Cash 1001000