Nair Company issued a $$15$ million bond at a discount five years ago. The current carrying amount of the bond is $$14\mathrm{.}70$ million. The company now has excess cash and decides to retire the bond. The bond is callable at $111$ percent of its face value.

Required:

Prepare the journal entry to record the retirement of the bond. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required $"$ in the first account field. Enter your answers in dollars not in millions.$)$

Answer is complete but not entirely correct.

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit,$],[1,($a$),$Bond payable,,$15,000,000ox,],[,,$Loss on redemption of bonds,,$1,950,000,],[,,$Cash,,,$16,950,000ox$