The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2017, Ivanhoe called $600,000face amount of the bonds and redeemed them.

Ignoring income taxes, compute the amount of loss, if any, to be recognized by Ivanhoe as a result of retiring the $600,000of bonds in 2017. (Round answer to 0 decimal places, e.g. 38,548.)

Loss on redemption$245,199

Prepare the journal entry to record the redemption