XYZ Company is authoriaed to issue $1,000,12\%,$ bonds maturing on January $1,2025.$ Bonds pay interest anaually on January $1$ of each year starting Jamaary $1,2021.$

The bonds were dated January $1,2020.$

On November $1,2020,$ XYZ company iesued $1,000$ bonds at $104$ plas accrued interest.

The company uses straight$-$line premium amortizstion method sibce its results are not materially differeat from the results of the effective interest method.

On Docember $31,2022,$ the compary retirod $300$ bonds for $96.$

Required:

$($a$)(2$ points$)$ What was the issue price of the bonds on November $1,2020?$

$($b$)(2$ points$)$ What was the total cash received upon issuance on November $1,2020?$

$($c$)(2$ points$)$ What is the amount of interest expense recognized in $2020?$

$($d$)(2$ points$)$ What is the carrying value of the bonds on December $31,2022?$

$($e$)(2$ points$)$ Upon retirement of the bonds, what amount of gain or loss will XYZ report on its income statement for the year $2022$ resulting from the debt extinguishment?