On January 2, 2015, Benny's Corporation issued $1,200,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is payable easily each December 31. The dishes 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 101 (ie., at 101% of face amount), and on January 2, 2020, Benny's called $720,000 face amount of the bonds and redeemed them Ignoring income taxes, compute the amount of loss, if any, to be recognized by Benny's as a result of retiring the $720,000 of bonds in 2020, (Round answer to 0 decimal places, 38,548) Prepare the journal entry to record the redemption. For the toolbar, press ALT+F10 (PC) or ALT+FN-F10 (Mac). B I . Paragraph x x Arial 10pt + r "T "O D