Flint Company had bonds outstanding with a maturity value of $$272,000.$ On April $30,2025,$ when these bonds had an unamortized

discount of $$10,000,$ they were called in at $105.$ To pay for these bonds, Flint 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 $103($face value $$272,000).$

Ignoring interest, compute the gain or loss.

Loss $vv$ on redemption $

Ignoring interest, prepare the two entries to 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 the amount is entered. Do not indent manually. List all

debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Bonds Payable

Loss on Redemption of Bonds

Discount on Bonds Payable

$($To record redemption of bonds payable$)$