A corporation issued 8% bonds with a par value of $1,110,000, receiving a $42,000 premium. On the interest date 5 years later, after the bond interest was paid and after 4 % 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: $0. $11100 gain. $1300 $11100 loss.