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On January 2, 2020, Swifty Corporation issued $2,250,000 of 10% bonds at 98 due December 31,2029 . Interest on the bonds is payable annually each

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On January 2, 2020, Swifty Corporation issued $2,250,000 of 10% bonds at 98 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 , Swifty called $1,350,000 face value of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Swifty as a result of retiring the $1,350,000 of bonds in 2025. (Round answer to 0 decimal places, e. 38,548 .) Loss on redemption Prepare the journal entry to record the redemption. (Round answers to 0 decimal places, eg. 38,548 . If no entry is required, select "No Entry" for the occount 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.)

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