On July $1,2020,$ Tiberius Ltd$.$ purchased $500,$ $$1,000$ Galileo Corp. bonds paying semi$-$annual interest of $6\%$ each June $30$ and December $31.$ The bonds were issued by Galileo on January $1,2020,$ and mature on December $31,2039.$ The market yield to maturity rate at the time of purchase was $4\%$ and Tiberius incurred a brokerage fee of $$1,300.$At December $31,2020,$ the market yield was determined to be $4\mathrm{.}4\%$ resulting in a fair value of $$602,293.$On October $31,2021,$ Tiberius management determined that it was no longer worth keeping the Galileo bonds and sold $100\%$ of the bonds at $105$ with a $$1,200$ brokerage fee.Required:$1.$ Determine the premium or discount resulting from the purchase of Galileo Corp. bonds on July $1,2020\mathrm{.}2.$ Assuming the company classifies the investment in bonds as Fair Value Through Profit and Loss $($FVTPL$/$FVNI$),$ record the following transactions:$($a$)$ The purchase of the bonds on July $1,2020.($b$)$ The interest payment received on December $31,2020.($c$)$ Remeasurement of the bonds at December $31,2020.($d$)$ The interest payment received on June $30,2021.($e$)$ Sale of the bonds on October $31,2021$ at $105$