A corporation issued 8% bonds with a par value of $1,230,000, receiving a $66,000 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:

$0.

$12,300 gain.

$12,300 loss.

$51,900 gain.

$51,900 loss.