On January 1, 2017, Shay issues $440,000 of 10%, 20 year bonds at a price of 9750. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 105.00. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 7 Prepare the journal entry to record the bond retirement at January 1, 2023 Answer is complete but not entirely correct. No Date Debit Credit 1 Jan 01, 2023 General Journal Bonds payable Loss on retirement of bonds payable Cash Discount on bonds payable 88,000 5,060 % OOOO 92,400 660 On January 1, 2017, Shay issues $440,000 of 10%, 20 year bonds at a price of 9750 Six years later, on January 1, 2023 Shay retires 20% of these bonds by buying them on the open market at 105.00. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 6 mind the bonds? What is the amount of the recorded gain or loss from retiring the bonds? Loss on retirement