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  3. on january 2,2020, waterway corporation issued $1,

On January 2,2020, Waterway Corporation issued $1,700,000 of 10% bonds at 97 due December 31,2029....

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Accounting

On January 2,2020, Waterway Corporation issued $1,700,000 of 10% bonds at 97 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, Waterway called $1,020,000 face value of the bonds and redeemed them.
Ignoring income taxes, compute the amount of loss, if any, to be recognized by Waterway as a result of retiring the $1,020,000 of bonds in 2025.(Round answer to 0 decimal places, eg.38,548.)
Loss on redemption
Prepare the journal entry to record the redemption. (Round answers to 0 decimal places, eg.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.)
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