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 $675,000 $63,450 $753,284 $ Firm 2 1,500,000 (103,551) 1,421,223 $ Firm 3 375,000 367,340 $ Firm 4 750,000 3,050 747,861 $