A corporation issued 8% bonds with a par value of $1, 170,000, receiving a $54,000 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 $11, 700 gain. $11, 700 loss. $44, 100 gain