On January $2,2020,$ Larkspur Corporation issued $$2\mathrm{.}200,000$ oF $10\%$ bonds at $99$ due December $31,2029.$ Interest on the bonds is payable annually each December $31.$ The discount on the bonds is also being amortized on a straight$-$line basis over the $10$ years.Straight$-$line is not materially different in effect from the preferable "Interest method!The bonds are callable at $102(.$e$,$ at $102\%$ of face value$],$ and on January $2,2025,$ Larkspur called $$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 $2\mathrm{.}2025$DebitCredit