Pearl, Inc. had outstanding $$6,170,000$ of $11\%$ bonds $($interest payable July $31$ and January $31)$ due in $10$ years. On July $1,$ it issued $$9,200,000$ of $10\%,15-$year bonds $($interest payable July $1$ and January $1)$ at $99.$ A portion of the proceeds was used to call the $11\%$ bonds $($with unamortized discount of $$61,700)$ at $101$ on August $1.$

Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. $($Record entries in the order displayed in the problem statement. If no entry is required, select $"$No Entry" for the accoumt titles and enter O 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.$)$

August $1vv$

Account Titles and Explanation

Cash

Discount on Bonds Payable

Bonds Payable

Bonds Payable $$

Loss on Redemption of Bonds

Discount on Bonds Payable

Debit

$$

Credit.

Credit. $$

$$

$$

$$

$$

$$