Because of changing market conditions, Piggly Wiggly made a decision to redeem $1,080,000 of its bonds prior to maturity. The bonds originally sold for $1,142,700 and the unamortized premium at the time of redemption was $33,720. Piggly Wigglys bond certificates indicated that the bonds could be retired early at 104. Determine the gain or loss on the bond retirement.

Select one:

a. $9,480 Loss

b. $44,549 Loss

c. $14,220 Gain

d. $9,480 Gain

e. $14,220 Loss