Early Extinguishment of an Investment On December 31, 20X2, an insurance company purchased $10 million of 10-year, 10% debentures for $8,852,950. On December 31, 20X3 (after all interest payments and amortization had been recorded for 20X3), the insurance company sold all the debentures for $9.1 million. The market interest rate at purchase when the bonds were issued was 12%. 1. Compute the gain or loss on the sale for the insurance company (i.e., the investor). 2. Prepare the appropriate journal entries for the insurance company (i.e., the investor).