On January $2,2020,$ Bridgeport Corporation issued $$1,300,000$ of $10\%$ bonds at $98$ 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 $2,2025,$ Bridgeport called $$780,000$ face value of the bonds and redeemed them.

Ignoring income taxes, compute the amount of loss, if any, to be recognized by Bridgeport as a result of retiring the $$780,000$ of bonds in $2025.($Round answer to O decimal places, es$.38,548.)$

Loss on redemption $ $$

Prepare the journal entry to record the redemption. $($Round answers to $0$ decimal places, e$.38,548.$ If no entry is required, select $"$No Entry" for the occount titles and enter $0$ for the omounts. Credit account titles are automotically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

Janusary $2.2025$

Donds Payatile

Loss on Redemption of Bonds

Discrium on Bonds Payatie

Cants

$780000$

$$

$$

$$

$$

$$

$(2)$

$$

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