On January 2, 2020, Swifty Corporation issued $2,200,000 of 10% bonds at 99 due December 31,...

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On January 2, 2020, Swifty Corporation issued $2,200,000 of 10% bonds at 99 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 102 (i.e., at 102% of face value), and on January 2, 2025, Swifty called $1,320,000 face value of the bond redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Swifty as a result of retiring the $1,320,000 of bond 2025. (Round answer to O decimal places, e.g. 38,548.) Loss on redemption $ Prepare the journal entry to record the redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do no indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 2, 2025 Bonds Payable Loss on Redemption of Bonds Discount on Bonds Payable Cash Debit 1320000 Credit 1346400 On January 2, 2020, Swifty Corporation issued $2,200,000 of 10% bonds at 99 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 102 (i.e., at 102% of face value), and on January 2, 2025, Swifty called $1,320,000 face value of the bond redeemed them. Ignoring income taxes, compute the amount of loss, if any, to be recognized by Swifty as a result of retiring the $1,320,000 of bond 2025. (Round answer to O decimal places, e.g. 38,548.) Loss on redemption $ Prepare the journal entry to record the redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do no indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 2, 2025 Bonds Payable Loss on Redemption of Bonds Discount on Bonds Payable Cash Debit 1320000 Credit 1346400