Current Attempt in Progress

On January $2,2020,$ Novak Corporation issued $$1,650,000$ of $10\%$ bonds at $96$ due December $31,2029.$ 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 value$),$ and on January $2,2025,$ Novak called $$990,000$ face value of the bonds and redeemed them.

Ignoring income taxes, compute the amount of loss, if any, to be recognized by Novak as a result of retiring the $$990,000$ of bonds in $2025.($Round answer to $0$ decimal places, e$.$g$.38,548.)$

Loss on redemption $ $$

Prepare the journal entry to record the redemption. $($Round answers to $0$ decimal places, e$.$g$.38,548.$ 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.$)$

$$ Debit

Credit

January $2,2025$

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