On January, Concord Corporation issued $ 5,470,000 of 10% bonds at 102 due December 31,2029. Concord paid $80,000 in bond issue costs when the bonds were issue to the market. These will be amortized over the life of the bond. The premium on the bonds is also being amortized on a straight- line basis over the 10 years.

The bonds are callable at 105, and on January 2, 2025. Concord called one- half of the bonds and retired them.

Ignoring income taxes, compute the amount of loss, if any, to be recognized by Concord as a result of retiring the 2,735,000 of bonds in 2025.

Prepare the journal entry to record the retirement.