Riverbed Company had bonds outstanding with a maturity value of $288,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 105. To pay for these bonds, Riverbed had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a life of 10 years. The new bonds were issued at 103 (face value $288,000). Ignoring interest, compute the gain or loss. Loss on redemption $ 24400 Ignoring interest, record this refunding transaction. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Credit Account Titles and Explanation Debit 288000 Bonds Payable 24400 Loss on Redemption of Bonds Discount on Bonds Payable 10000 302400 290880 Cash (To record redemption of bonds payable) Cash Premium on Bonds Payable Bonds Payable 2880 288000 * * *