Chapter 14-17 Concord Corporation had bonds outstanding with a maturity value of $550,000. On April 30, 2017, when these bonds had an unamortized discount of $12,000, they were called in at 104. To pay for these bonds, Concord 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 $550,000). Issue costs related to the new bonds were $3,500. All issue costs were capitalized. Concord prepares nancial statements in accordance with IFRS. Ignoring interest, calculate the gain or loss and record this refunding transaction. (Round answers to 0 decimal places, e.g. 5,275. 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.) .ccount Titles and Explanation Debit Credit onds Payable 538,000 355 on Redemption of Bonds 34,000 ash 572,000 To record redemption of bonds payable} ash 563,000