Swifty Company had bonds outstanding with a maturity value of $$279,000.$ On April $30,2025,$ when these bonds had an unamortized discount of $$10,000,$ they were called in at $106.$ To pay for these bonds, Swifty 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 $102($face value $$279,000).$

Ignoring interest, compute the gain or loss.

on redemption

Ignoring interest, prepare the two entries to record this refunding transaction. $($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.$)$

Account Titles and Explanation

Debit

Credit