Twilight Corp. desired to raise cash to fund its expansion by issuing long-term bonds. The corporation hired an investment banker to manage the issue (best efforts underwriting) and also hired the services of a lawyer, an audit firm, etc. On June 1, 2022. Twilight sold $ 500,000 in long- term bonds. The bonds will mature in 10 years and have a stated interest rate of 8%. Other bonds that Twilight has issued with identical terms are traded based on a market rate of 10%. The bonds pay interest semi-annually on May 31 and November 30. The bonds are to be accounted for using the effective-interest method. On June 1, 2024. Twilight decided to retire 20% of the bonds. At that time the bonds were selling at 98 Required: 1. Determine the present value of the bond and provide the journal entry to record the issue of the bond on June 1, 2022. (4 marks) 2. Prepare all the entries after the issue of the bond until the partial retirement of the bonds on June 1, 2024 (8 marks) 3. What is the carrying value of the bond, as it would appear on the balance sheet, at December 31, 20237 (2 marks)