On January 1, 2015, Sheridan Corporation issued $4,850,000 of 10% bonds at 103 due December 31, 2024. Legal and other costs of $83,000 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31. The $83,000 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, Sheridan called one-half of the bonds and retired them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Sheridan as a result of retiring the $2,425,000 of bonds in 2020.

Loss on redemption

$enter the loss on redemption in dollar

Prepare the journal entry to record the retirement. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
January 2, 2020	enter an account title for the journal entry on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 2, 2020	enter a debit amount	enter a credit amount