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On January 2, 2015, Teal Corporation issued $1,950,000 of 10% bonds at 98 due December 31,2024 . Interest on the bonds is payable annually each December 31 . The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable "interest method.") The bonds are callable at 101 (i.e, at 101% of face amount), and on January 2,2020, Teal called $1,170,000 face amount of the bonds and redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Teal as a result of retiring the $1,170,000 of bonds in 2020. (Round answer to 0 decimal ploces, es. 38,548.) Loss on redemption $ Prepare the journal entry to record the redemption. (Round answers to 0 decimal places, es. 38,548. If no entry is required, select "No Entry" for the account titles and enter ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indentmonually] Ignoring income taxes, compute the amount of loss, if any, to be recognized by Teal as a result of retiring the $1,170,000 of bonds in 2020 , (Round onswer to 0 decimal places, es 38,548) Loss on redemption $ Prepare the journal entry to record the redemption. (Round onswers to 0 decimai ploces, eg, 38,548. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts. Credit occount tities are outomaticolly Indented when anount is entered. Do not Indent manualy)

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