On January 2, 2015, Flint Corporation issued $1,750,000 of 10% bonds at 98 due December 31, 2024. 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 101 (i.e., at 101% of face amount), and on January 2, 2020, Flint called $1,050,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Flint as a result of retiring the $1,050,000 of bonds in 2020.

Loss on redemption

$.

Prepare the journal entry to record the redemption. Please explain the process in getting to the answer