On January 1, 2015, Culver Corporation issued $5,120,000 of 10% bonds at 103 due December 31, 2024. Legal and other costs of $80,000 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31. The $80,000 issue costs are being deferred and amortized on a straight-line basis over the 10-year term of the bonds. The premium 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 105 (i.e., at 105% of face amount), and on January 2, 2020, Culver called one-half of the bonds and retired them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Culver as a result of retiring the $2,560,000 of bonds in 2020. Loss on redemption $ Prepare the journal entry to record the retirement. (If no entry is required, select "No Entry" for the account titles and 10 for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually.)