Two independent situations follow. (Click the icon to view the independent situations.). 1. On January 1, 2023, Brave Koala Inc. issued $12,000,000 of 11%, 9-year, callable bonds priced to yield 9%. The bonds may be called at 103 on or after December 31, 2028. Interest is payable on June 30 and December 31. Brave Koala calls the bonds on January 1, 2030. 2. On January 1, 2023, Soft Bunny Ltd. issued $4,000,000 of 6%, seven-year bonds priced to yield 7%. Interest is payable on June 30 and December 31. Soft repurchases the outstanding bonds on July 1, 2027, at which time the market rate of interest is 6.5%. Prepare journal entries to record the sale and retirement of the bonds in scenario 1. (Use a financial calculator for any present value computations.