Carrying amount of bonds payable, January 1, 2022
Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:
Carrying amount of investment, December 31, 2022
Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022