Question: Your answer is partially correct On January 2, 2015. Pronghorn Corporation issued $2,000,000 of 10% bonds at 99 due December 31, 2024. Interest on the

Your answer is partially correct On January 2, 2015. Pronghorn Corporation issued $2,000,000 of 10% bonds at 99 due December 31, 2024. Interest on the bands 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 102.0.0, at 102% of face amounts, and on January 2, 2020. Pronghorn called $1.200,000 face amount of the bonds and redeemed them Ignoring income taxes, compute the amount of loss, if any, to be recognized by Pronghorn as a result of retiring the $1.200.000 of bonds in 2020. (Round answer to decimal places, eg.38,548) Loss on redemption 18000

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