On January 2, 2020, Pina Corporation issued $1,150,000 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 (i.e., at 102% of face value), and on January 2, 2025, Pina called $690,000 face value of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Pina as a result of retiring the $690,000 of bonds in 2025. (Round answer to 0 decimal places, e.g. 38,548.) Loss on redemption $

On January 2, 2020, Pina Corporation issued $1,150,000 of 10% bonds at 99 due December 31,2029 . Interest on the bonds is payabl 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 (i.e., at 102% of face value), and on January 2,2025 , Pina called $690,000 face value of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Pina as a result of retiring the $690,000 of bonds in 2025. (Round answer to 0 decimal places, e.8. 38,548.) Loss on redemption 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 the amount is entered. Do not indent manually. List all debit entries before credit entries.)