Martinez, Inc had outstanding $6.390,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $8,240,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 97. A portion of the proceeds was used to call the 12% bonds (with unamortized discount of $63.900) at 101 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers to decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date July 1 Account Titles and Explanation Cash 7992800 Discount on Bonds Payable August 1 Bonds Payable (To record issuance of 10% bonds) Bonds Payable Loss on Redemption of Bonds Unamortized Bond issue Costs Cash (To record retirement of 12% bonds)