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On January 2, 2015,BridgeportCorporation issued $1,550,000of 10% bonds at98due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on

On January 2, 2015,BridgeportCorporation issued $1,550,000of 10% bonds at98due 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 at101(i.e., at101% of face amount), and on January 2, 2020,Bridgeportcalled $930,000face amount of the bonds and redeemed them.

Ignoring income taxes, compute the amount of loss, if any, to be recognized byBridgeportas a result of retiring the $930,000of bonds in 2020.(Round answer to 0 decimal places, e.g. 38,548.)

Loss on redemption$

enter a dollar amount of loss on redemption rounded to 0 decimal places

Prepare the journal entry to record the redemption.(Round answers to 0 decimal places, e.g. 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 amount is entered. Do not indent manually.)

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