Calculating Gains and Losses on Early Retirement of Debt The data below pertain to bonds outstanding at 2020 year-end. For each of the following outstanding bonds, determine whether the company would record a gain or a loss if it decided to retire the bonds at the end of fiscal 2020. Calculate the amount of gain or loss. Note: Use a negative sign to indicate a loss. Face Value Premium (Discount) Fair Value Gain (loss) on Early Retirement Firm 1 $720,000 $67,680 $803,502 $ Firm 2 1,600,000 (110,454) 1,515,971 $ Firm 3 400,000 391,829 $ Firm 4 800,000 3,253 797,718 $