Question-2: Mayan Company purchased 500,000 of 8% bonds of Microchip Corporation on January 1, 2015, at a discount, paying 461,390. The bonds mature January 1, 2020 and yield 10%; interest is payable each July 1 and January 1. Assume that Mayan Company sells its investment on November 1, 2017, at 80% plus accrued interest. Record the following 1. Mayan records this discount amortization 2. Computation Gain on Sale of Bonds 3. Cash Sale entry