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Use the following information for the next 3 questions related to McGill College. McGill would...

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Accounting

Use the following information for the next 3 questions related to McGill College.

McGill would like to build a new gym for its campus and decides to issue bonds in order to raise money. On January 1st, Year 1, McGill issues a four-year, $10,000 face value bond with a 6% stated annual interest rate. Interest is payable semi-annually on the last day of June and the last day of December. The market annual interest rate is 8%.

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McGill recieved a huge donation from a famous hockey player for the new gym, and so they decide to retire the bond early. On December 31st, Year 2, McGill records all necessary adjusting entries, and then pays $9,700 to the bondholder to retire the bond. Answer the following questions related to the journal entry McGill will make related to the bond's retirement. Round all numerical answers to the nearest whole number. If there is no debit or credit to an account, put "O". - McGill will debit Bond Payable for Nnong - McGill will debit Cash for - McGill will debit Loss on Bond Call for wong - McGill will credit Gain on Bond Call for - McGill will credit Bond Payable for - McGill will credit Cash for

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