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Exercise 14-12 On ]anuary 2, 2012, Swifty Corporation issued $2,050,000 of 10% bonds at 96 due December 31, 2021, Interest on the bonds is payable annually each December 31. 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, Swifty called $1,230,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Swifty as a result of retiring the S1,230,000 of bonds in 2017. (Round answer to 0 decimal places, e.g. 38,548.) 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