On January 1, 2015, Flounder Corporation issued $5,480,000 of 10% bonds at 101 due December 31, 2024. Legal and other costs of $75,000 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31. The $75,000 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, Flounder called one-half of the bonds and retired them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Flounder as a result of retiring the $2,740,000 of bonds in 2020. Loss on redemption $ 5754000 Prepare the journal entry to record the retirement. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)