Question: 1. Discount Pizza retires its 6% bonds for $58,000 before their scheduled maturity. At the time, the bonds have a carrying value of $56,043. Record the early retirement of the bonds.
2. Premium Pizza retires its 6% bonds for $62,000 before their scheduled maturity. At the time, the bonds have a carrying value of $64,306. Record the early retirement of the bonds
3. On January 1, 2012, Corvallis Carnivals borrows $20,000 to purchase a delivery truck by agreeing to a 7%, four-year loan with the bank. Payments of $478.92 are due at the end of each month, with the first installment due on January 31, 2012. Record the issuance of the note payable and the first monthly payment.