Exercise 14-12 On January 2, 2012, Grouper Corporation issued $1,000,000 of 10% bonds at 96 due December 3, 2021 interest onthe bonds is a able annually each December31 The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method".) The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2017, Grouper called $600,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Grouper as a result of retiring the $600,000 of bonds in 2017. (Round answer to O decimail places,e.g. 38,548.) Ignoring income taxes, compute the amount of loss, if any, to be recognized by Grouper as a result of retiring the $600,000 of bonds in 2017. (Round answer to 0 decimal Loss on redemption Prepare the journal entry to record the redemption. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 2, 2017 Bonds Payable Loss on Redemption of Bonds Discount on Bonds Payable Cash SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT