5) Elmira, Inc. had $20,000,000 of callable bonds outstanding on December 31, 2016. The ten-year bonds were issued on January 1, 2010 for $21,100,000 and incurred $100,000 in bond issue costs. Acme can call the bonds at 102 anytime after January 1,2016. The company uses straight-line amortization for bond issue costs and bond premium. Acme decides to call the bonds on January 2, 2017. Required: 1. Compute the gain or loss on early extinguishment of debt. 2. Prepare the journal entry to record the debt extinguishment