156 A corporation issued 8% bonds with a par value of $1,060,000, receiving a $32,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation purchased the entire issue on the open market at 99 and retired it. The gain or loss on this retirement is: Skipped Multiple Choice $10,600 gain. $29,800 loss. $10,600 loss. $29,800 gain. $