corporation issued 8% bonds with a par value of $1,190,000, receiving a $58,000 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 called the bonds at $1,178,100. The gain or loss on this retirement is:

Multiple Choice $46,700 loss. $0. $11,900 gain. $11,900 loss. $46,700 gain.

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