Exercise 14-15 Sheridan Company had bonds outstanding with a maturity value of $279,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Sheridan had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $279,000). Ignoring interest, compute the gain or loss. Loss on redemption $ Ignoring interest, record this refunding transaction. (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.)

Exercise 14-15 Sheridan Company had bonds outstanding with a maturity value of $279,000. On April 30, 2017, when these bonds had an unamortized discount of $10,000, they were called in at 106. To pay for these bonds, Sheridan had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 102 (face value $279,000). Ignoring interest, compute the gain or loss. Loss on redemption Ignoring interest, record this refunding transaction. (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.) Account Titles and Explanation Debit Credit (To record redemption of bonds payable) (To record issuance of new bonds)