Grouper Corporation had bonds outstanding with a maturity value of $$550,000.$ 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, Grouper 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 $$550,000).$ Issue costs related to the new bonds were $$2,400.$ All issue costs were

capitalized. Grouper 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.$)$

Account Titles and Explanation

Cash

Bonds Payable

Bonds Payable

Loss on Redemption of Bonds

Debit

Credit