Novak Corporation had bonds outstanding with a maturity value of $500,000. On April 30, 2020, when these bonds had an unamortized discount of $11,000, they were called in at 105. To pay for these bonds, Novak had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 11 years. The new bonds were issued at 104 (face value $500,000). Issue costs related to the new bonds were $2,000. All issue costs were capitalized. Novak 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 O for the amounts.) Date April 30, 2020 Account Titles and Explanation Debit Credit Date April 30, 2020 Account Titles and Explanation Debit Credit March 31, 2020 (To record redemption of bonds payable) (To record issuance of new bonds)