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On January 2 , 2 0 2 0 , Larkspur Corporation issued $ 2 . 2 0 0 , 0 0 0 oF 1 0

On January 2,2020, Larkspur Corporation issued $2.200,000 oF 10% bonds at 99 due December 31,2029. Interest on the bonds is payable annually each December 31. The discount 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 102(.e, at 102% of face value], and on January 2,2025, Larkspur called $1,320,000 face value of the bonds and redeemed them.Ignoring income taxes, compute the amount of loss, if any, to be recognized by Larkspur as a result of retiring the $1,320,000 of bonds in 2025.(Round answer to 0 decimal places, e g.38,548.)Loss on redemption$Prepare the journal entry to record the redemption. (Round answers to O decimal places, eg.38,548. 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 the amount is entered. Do not indent manually List all debit entries before credit entries.)DateAccount Titles and ExplanationJanuary 2.2025DebitCredit

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