Ayayai Corporation had bonds outstanding with a maturity value of $$500,000.$ On April $30,2023,$ when these bonds had an unamortized discount of $$12,000,$ they

were called in at $104.$ To pay for these bonds, Ayayai had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of $12$

years. The new bonds were issued at $103($face value $$500,000).$ Issue costs related to the new bonds were $$2,800.$ All issue costs were capitalized. Ayayai prepares

financial statements in accordance with IFRS.

Ignoring interest, calculate the gain or loss and record this refunding transaction. $($Credit account titles are automatically indented when the amount is entered. Do not

indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit