A corporation issued 8% bonds with a par value of $1,100,000, receiving a $40,000 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: Multiple Choice $o. s0. $11,000 gain. $11,000 loss ? $35,000 gain. $35,000 loss