At December 31, Year 16, the 12% bonds payable of Bob the Bond had a carrying value of $312,000. The bonds, which had a face value of $300,000, were issued at a premium to yield 10% 10 years ago. Bob uses the effective interest method of amortization of bond premium. Interest is paid on June 30 and December 31. On June 30, Year 17, Bob paid interest for June 30 and at the same time, Bob retired the bonds at 104.

Determine the loss on redemption of bonds at June 30, Year 17. [11 marks]